- Paul Atkins reiterated clear crypto regulation as his ‘top priority’ if confirmed.
- Senator Elizabeth Warren cautioned that Atkins didn’t deserve a ‘promotion.’
Paul Atkins, President Donald Trump’s nominee for SEC chair, has pledged to create a ‘rational’ and ‘coherent’ crypto regulatory framework.
In his statement during the U.S. Senate Banking Committee hearing, he said,
“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.”
Crypto regulation shift
Atkins has a long history with the agency, spanning over three decades and various capacities, including being a staffer and a commissioner. He noted that ‘ambiguous’ and ‘non-existent’ regulations in crypto have led to uncertainty and stifled innovation.
Top analysts hailed his crypto stance as a massive shift. In fact, Nate Geraci of ETF Store claimed that the nominee placing ‘top priority’ on crypto was a resounding shift.
For his part, Senator Tim Scott, chairman of the Senate Banking Committee, stated,
“If confirmed to lead SEC Paul Atkins will return the agency to its core mission: ensuring our capital markets remain the envy of the world.”
However, the hearing wasn’t smooth sailing for the nominee, especially from Senator Elizabeth Warren.
She slammed Atkins for his role (SEC Commissioner) in the 2008 global crisis and his previous business relationship with jailed Sam Bankman Fried.
“Mr Atkins got everything wrong in the run-up to the greatest financial crash since the great depression. That’s not a record that deserves a promotion.”
Atkins dismissed the allegations. The next step would be for a committee to vote on the nominees and forward them for potential greenlight by the rest of the Senate members.
