Trump's SEC Pick Paul Atkins Says His 'Top Priority' Will Be 'Rational' Crypto Regulations, Marking Shift From Gary Gensler's Approach

Paul Atkins, former U.S. Securities and Exchange Commission (SEC) member and President Donald Trump‘s nominee to head the agency, has pledged a new approach towards crypto regulation.

What Happened: Atkins’ stance on crypto regulation marks a departure from his predecessor, Gary Gensler, who saw much of the crypto sector as potentially violating registration requirements. Atkins, on the other hand, stated, “A top priority of my chairmanship will be to work with my fellow commissioners and Congress to provide a firm regulatory foundation for digital assets through a rational, coherent, and principled approach,” Atkins said in his testimony for Thursday.

Atkins positioned himself as an experienced regulator and private-sector executive. He also stated that he would step down and relinquish his stake in Potomac Global Partners, the consulting firm he founded, if his nomination is approved.

Sen. Tim Scott (R-SC), who chairs the committee, stated that Atkins will “offer much-needed clarity for digital assets.”

The next step in the confirmation process is for the committee to vote on the nominees and submit them for possible approval by the full Senate.

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Why It Matters: Atkins’ nomination and his proposed approach to crypto regulation come at a crucial time. For the crypto industry, Atkins’ responses on cryptocurrency issues may be more pressing. Earlier this month, a report stated that the SEC is unlikely to approve or reject crypto ETFs until its new leadership is in place. This suggests that Atkins’ confirmation could potentially fast-track crypto ETF approvals.

However, his ties to the crypto industry have raised concerns. Sen. Elizabeth Warren (D-Mass.) questioned Atkins about his connections to the failed cryptocurrency exchange FTX, which she believes could pose conflicts of interest if he is confirmed as SEC Chair.

The outcome of Atkins’ confirmation and his approach to crypto regulation could significantly impact the future of the crypto industry.

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