Senate approves Trump's pick Paul Atkins as new SEC Chair

The Senate voted 52-44 on Wednesday to approve Paul Atkins as the new Chair of the Securities and Exchange Commission (SEC).

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.