Paul Atkins was sworn in as the new SEC chair on 21 April, after being nominated by Donald Trump and confirmed by the Senate earlier this month.
Atkins is no stranger to the SEC. He previously served as Commissioner within the agency between 2002 to 2008 under President George W. Bush.
During his Senate confirmation process, Atkins pointed out the importance of clear rules that support innovation while protecting investors.
According to Bloomberg ETF analyst Eric Balchunas, the SEC is currently sitting on 72 crypto ETF proposals.
Overall, if Atkins can deliver on his promises, the U.S. may finally move one step closer to becoming the crypto hub it aims to be.
Paul Atkins has now officially stepped into his role as the 34th chair of the U.S. Securities and Exchange Commission (SEC).
This now stands as the first and most important step in the agency’s approach to crypto regulation.
Atkins was sworn in on 21 April, after being nominated by Donald Trump and confirmed by the Senate in a narrow 52-44 vote earlier this month.
The new SEC chair is known for having a pro-innovation stance and deep experience in financial markets.
As such, both Wall Street and the crypto community are closely watching.
Here’s what this new development means for the ongoing ETF applications and the crypto industry as a whole.
Atkins is no stranger to the SEC. He previously served as Commissioner within the agency between 2002 to 2008 under President George W. Bush.
During his tenure, he advocated for better transparency and cost-benefit-driven policy.
Now with his return as chair, Atkins is bringing not only a wealth of experience but also a clear vision.
“I am honored by the trust and confidence President Trump and the Senate have placed in me to lead the SEC,” Atkins said 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 maintain fair, orderly, and efficient markets"
Atkins is notably unlike his predecessor, Gary Gensler, whose tenure was especially notorious for being especially harsh towards the crypto industry.
Atkins has shown that he aims to approach the financial markets with more balance.
He has also publicly called for principled and clear regulation of digital assets, which has seen nods of approval from entrepreneurs and investors alike.
The crypto sector suffered more than a hundred lawsuits and legal prosecutions within the four years with Gary Gensler as chair of the SEC.
This industry is now optimistic about Atkins' appointment and expects better clarity going forward.
During his Senate confirmation process, Atkins pointed out the importance of clear rules that support innovation while protecting investors.
He also promised to remove politics from securities law enforcement and focus instead on data-driven regulation.
Before returning to the SEC, Atkins founded Patomak Global Partners.
Within this organization, he consulted on regulatory best practices for digital and other classes of assets.
His background also involves some time spent as an independent director and non-executive chairman at BATS Global Markets.
One of his first major tasks will be to address the backlog of crypto-related ETF applications.
According to Bloomberg ETF analyst Eric Balchunas, the SEC is currently sitting on 72 crypto ETF proposals.
These proposals cover everything from mainstream assets like XRP, Litecoin, Cardano, and Solana to stranger cryptocurrencies like PENGU and “2x Melania.”
According to Balchunas, the current environment is a “wild year” for crypto, where issuers are falling back on a “spaghetti cannon approach.”
This approach involves flooding the SEC with several proposals, to see which one might be approved.
The change in leadership comes after Acting Chair Mark Uyeda started to reverse some of the SEC’s “extreme” enforcement strategies.
Uyeda, who took over briefly after Gensler’s exit, established a dedicated Crypto Task Force in January.
He also moved to dismiss several high-profile cases against crypto companies like Coinbase, Consensys, Gemini and Uniswap.
The crypto industry expects Atkins to continue down this path and scale back some of the harshness that earmarked the "Gensler era."
According to insiders, the agency is already restructuring its lawsuit-heavy strategy and is favoring clearer guidance with crypto businesses.
Overall, if Atkins can deliver on his promises, the U.S. may finally move one step closer to becoming the crypto hub it aims to be.
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