Trump’s pick for SEC chair makes it out of committee

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.

In an April 3 executive session of the banking committee, lawmakers voted 13-11 for Atkins to serve two consecutive terms as an SEC commissioner, taking over former Chair Gary Gensler’s term ending in June 2026 and another term ending in 2031. Atkins’ nomination will soon go to the Republican-controlled Senate for a full floor vote, where many experts suggest he is likely to be confirmed.

Before calling for a vote, committee chair Tim Scott said Atkins would bring “much-needed clarity for digital assets.” Ranking member Elizabeth Warren reiterated earlier concerns about Trump’s pick helping “billionaire scammers” like former FTX CEO Sam Bankman-Fried and Tesla CEO Elon Musk “actively trying to destroy” federal agencies, like the SEC. 

Related: Crypto has a regulatory capture problem in Washington — or does it?

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.

Implications of new SEC leadership on the crypto industry 

As a presidential candidate, Trump pledged to fire Gensler “on day one” 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 “regulation by enforcement” approach to digital assets, with the commission filing lawsuits against major firms over alleged violations of securities laws.

Gensler resigned his position on Jan. 20 — the day of Trump’s inauguration — 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’s 2024 campaign, like Ripple Labs.

Democratic lawmakers have called on Uyeda to preserve information and communications regarding the Trump administration’s ties to the family-backed crypto company World Liberty Financial, claiming conflicts of interest. Musk’s “government efficiency” team under Trump has also reportedly been granted access to the SEC’s data and systems, raising concerns about a potential purge of civil servants at the agency and market disruptions. 

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