The U.S. Securities and Exchange Commission (SEC) on Monday officially swore in Paul Atkins as chairman of the agency.
Atkins was previously nominated by President Donald Trump in December and was confirmed to lead the SEC earlier this month. He had previously headed the SEC in 2002 and 2008 under former President George W. Bush.
“I am honored by the trust and confidence President Trump and the Senate have placed in me to lead the SEC,” said Atkins in a statement. “As I return to the SEC, I am pleased to join with my fellow Commissioners and the agency’s dedicated professionals to advance its mission to facilitate capital formation; maintain fair, orderly, and efficient markets; and protect investors. Together we will work to ensure that the U.S. is the best and most secure place in the world to invest and do business.”
Atkins is the founder and CEO of Patomak Global Partners, a consulting firm that works with clients in the financial and cryptocurrency industries. In his role, he was responsible for developing best practices for cryptocurrency firms.
Under his command, the SEC is expected to cut back on strict regulation for cryptocurrencies and grow a friendlier rapport with crypto companies. His predecessor, former Commissioner Gary Gensler under the Biden Administration, had grown a reputation for his tough attitude towards cryptocurrencies during his tenure.
Still, Democratic lawmakers have voiced skepticism over Atkins’ relationship with digital asset entities. During his confirmation hearing in March, Sen. Elizabeth Warren (D-MA) accused Atkins of softening markets risks during his first tenure at the SEC, prior to the global financial crisis in 2008 and weakening SEC rules. Sen. Warren also questioned his involvement with the failed crypto exchange platform FTX.
“Your financial ties to the industries you will soon regulate raise serious concerns about your ability to avoid conflicts of interest as a regulator,” wrote Sen. Warren prior to Atkins’ nomination hearing.
Atkins’ newest role as SEC chair is the latest step in fostering a positive relationship with cryptocurrency organizations by the Trump Administration. Shortly after his inauguration in January, Trump signed an executive order promoting the use of digital assets by opening public blockchain networks.
Trump would later personally invest in the digital assets industry with the launch of his and first lady Melania Trump’s memecoins, the $TRUMP and $MELANIA tokens.
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· Trump Nominates Crypto Backer Paul Atkins to Lead SEC
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.