Senate Confirms Pro Bitcoin Paul Atkins As SEC Chair

The U.S. Senate has confirmed Paul Atkins as the caller Chair of the Securities and Exchange Commission (SEC) successful a 52-44 vote, placing the longtime Wall Street advisor and erstwhile Republican commissioner astatine the helm of 1 of the astir almighty fiscal regulatory agencies successful the country.

Atkins, known for his deregulatory stance, is expected to usher successful a bitcoin and crypto friendlier attack astatine the SEC, reversing galore of the enforcement-heavy policies implemented nether his predecessor Gary Gensler. His confirmation follows months of governmental statement and comes during a play of important modulation successful U.S. fiscal regulation.

A vocal professional of what helium has described arsenic “regulatory overreach,” Atkins has antecedently advised respective crypto firms done his consultancy Patomak Global Partners. Industry insiders spot his assignment arsenic a turning constituent for bitcoin and crypto successful the U.S., peculiarly arsenic the bureau redefines its jurisdiction.

Senate Banking Committee Chairman Tim Scott (R-S.C.) applauded Atkins’ confirmation, stating connected Wednesday that “His tenure volition people a pivotal infinitesimal to rotation backmost harmful Biden-era policies, beforehand superior formation, and heighten opportunities for retail investors.” “Chairman Atkins volition besides supply regulatory clarity for integer assets, allowing American innovation to flourish, and ensuring we stay competitory connected the planetary stage,” Scott said.

Since taking office, the Trump medication has already directed the SEC to standard backmost its crypto oversight. Under interim Chair Mark Uyeda, the bureau dismissed a fig of high-profile bitcoin and crypto cases and issued interior guidance excluding respective crypto categories.

With Atkins present confirmed, those changes are expected to beryllium formalized into semipermanent policy. Insiders suggest Atkins volition enactment intimately with the Commodity Futures Trading Commission (CFTC) to instrumentality a much unified model for bitcoin and crypto, perchance paving the mode for Congressional authorities that redefines however crypto is regulated successful the U.S.