Paul Atkins, President Donald Trump’s pick as the chairman of the United States Securities and Exchange Commission has moved forward in his confirmation. The Senate Banking Committee approved his nomination in a 13 to 11 vote, sending him to the floor of the Senate for confirmation.
The committee votes were divided along party lines, with all Democrats against the nomination. While it remains the ratification of the Senate, it is expected to pass by a slim margin since Atkins has more support on this side. The majority of the democrats were absent at the meeting, but senator Elizabeth Warren voted on their behalf. Before the voting, deputy chairman of the committee, senator Tim Scott mentioned that the confirmation of Atkins may bring clarity to digital assets regulation under the commission.
Paul Atkins brings experience to the commission
Since Gensler’s exit, Mark Uyeda has been the acting commissioner of the commission, in what is described as a transition period. Under his control, the agency created a task force, bringing several enforcements against crypto firms. Atkins, who had worked with Uyeda in the past, is expected to continue his good works. Paul Atkins had previously served as the commissioner of the sec during the George Bush administration from 2002 to 2008.
He later founded Patomak Global Partners, an independent financial services consultancy firm. In an interview in 2023, Atkins cited the U.S. regulations as having played a role in the collapse of FTX. He noted that because there were no set and friendly guidelines regarding these innovative financial platforms, they posed some form of difficulty in regulation. The Senate Banking Committee also endorsed three other nominations in addition to Atkins.