Senate approves Trump's pick Paul Atkins as new SEC Chair
- The US Senate voted 52-44 to approve Trump's pick Paul Atkins as the new SEC Chair.
- Atkins had promised to make creating crypto regulations a "top priority."
- Atkins's confirmation could improve market sentiment due to his potential pro-crypto moves.
The Senate voted 52-44 on Wednesday to approve Paul Atkins as the new Chair of the Securities and Exchange Commission (SEC).
Confirmed, 52-44: Confirmation of Executive Calendar #61 Paul Atkins to be a Member of the Securities and Exchange Commission for the remainder of the term expiring June 5, 2026.
— Senate Cloakroom (@SenateCloakroom) April 9, 2025
The news could improve sentiment in the crypto market, considering Atkins has previously advocated for better crypto regulations and reportedly owned $6 million worth of cryptocurrencies.
Atkins served as an SEC Commissioner under President George W. Bush between 2002 and 2008 before founding the consulting firm Patomak Global Partners, which serves clients in the banking and crypto industries.
During a March Senate Banking Committee hearing, Atkins promised to make providing a "firm regulatory regulatory foundation for digital assets" a "top priority" in his administration. He also mentioned that he would reverse some of the regulatory approaches the SEC undertook under former Chair Gary Gensler.
Since Gensler's resignation in January, the SEC has dropped several legal cases against crypto companies, including Coinbase, Ripple, Uniswap and OpenSea. The agency also rolled back a controversial rule—SAB-121 — that prevented banks from custodying crypto on behalf of clients.
With the Senate confirmation, President Donald Trump will have to sign off on Atkins's approval before he is sworn in as the new SEC Chair. Atkins will also have to step down from his role as the CEO of Patomak Global Partners to remove a conflict of interest with his upcoming position.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi
