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Lawmakers in the US Senate Banking Committee voted to advance the nomination of Paul Atkins to be a member of Securities and Exchange Commission (SEC), paving the way for a full floor vote in the chamber.<\/p>\n
In an April 3 executive session of the banking committee, lawmakers voted<\/a> 13-11 for Atkins to serve two consecutive terms as an SEC commissioner, taking over former Chair Gary Gensler\u2019s term ending in June 2026 and another term ending in 2031. Atkins\u2019 nomination will soon go to the Republican-controlled Senate for a full floor vote, where many experts suggest he is likely to be confirmed.<\/p>\n Senator Tim Scott addressing lawmakers on April 3. Source: <\/em>US Senate Banking Committee<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n Before calling for a vote, committee chair Tim Scott said Atkins would bring \u201cmuch-needed clarity for digital assets.\u201d Ranking member Elizabeth Warren reiterated earlier concerns<\/a> about Trump\u2019s pick helping \u201cbillionaire scammers\u201d like former FTX CEO Sam Bankman-Fried and Tesla CEO Elon Musk \u201cactively trying to destroy\u201d federal agencies, like the SEC.\u00a0<\/p>\n Related: <\/strong><\/em>Crypto has a regulatory capture problem in Washington \u2014 or does it?<\/strong><\/em><\/a><\/p>\n The committee also advanced nominations for Jonathan Gould as Comptroller of the Currency, Luke Pettit as Assistant Secretary of the Treasury, and Marcus Molinaro as Federal Transit Administrator. The majority of Democrats on the committee were not present on April 3, with Senator Warren acting as a proxy for many votes.<\/p>\n As a presidential candidate, Trump pledged to fire Gensler \u201con day one\u201d of his second term in office as a promise to the crypto industry. Many investors and company executives criticized the former SEC chair for a \u201cregulation by enforcement\u201d approach to digital assets, with the commission filing lawsuits against major firms over alleged violations of securities laws.<\/p>\n Gensler resigned his position on Jan. 20 \u2014 the day of Trump\u2019s inauguration \u2014 paving the way for the president to choose Commissioner Mark Uyeda as acting chair. Under Uyeda, the SEC has dropped many of the enforcement actions filed under Gensler, including some against companies with executives who contributed directly to the president\u2019s 2024 campaign, like Ripple Labs.<\/p>\n Democratic lawmakers have called on Uyeda<\/a> to preserve information and communications regarding the Trump administration\u2019s ties to the family-backed crypto company World Liberty Financial, claiming conflicts of interest. Musk\u2019s \u201cgovernment efficiency\u201d team under Trump has also reportedly been granted access to the SEC\u2019s data<\/a> and systems, raising concerns about a potential purge of civil servants at the agency and market disruptions.\u00a0<\/p>\nImplications of new SEC leadership on the crypto industry\u00a0<\/h2>\n