Paul Atkins has been sworn in as the 34th chairperson of the US Securities and Exchange Commission (SEC). US President Donald Trump had nominated Atkins for the role earlier this year. The US Senate also confirmed its support for Atkins to take up the role this month. With him at the helm, the SEC will accelerate crypto-focused regulatory work in the US, Atkins had claimed last month while addressing the Senate Banking Committee.
Atkins, who served as the SEC Commissioner from 2002 to 2008, has maintained close quarters with the cryptocurrency sector. For instance, Atkins co-directed the “Token Alliance” from 2017 to 2024. The initiative was launched by the US Chamber of Digital Commerce to promote the growth of the digital assets industry in the US.
The SEC welcomed its new chief, saying, “Chairman Atkins helped lead efforts to develop best practices for the digital asset sector. Before serving as an SEC Commissioner, Chairman Atkins was as a consultant on securities and investment management industry matters, especially regarding issues of strategy, regulatory compliance, risk management, new product development, and organisational control.”
Atkins believes that unclear crypto regulations are a major reason behind the volatility and risks associated with the sector. Addressing the Senate Banking Committee last month, Atkins reportedly vouched to work with the Congress and fellow commissioners to give the crypto sector a strong regulatory foundation, with a rational and principled approach.
“I am pleased to join the agency’s dedicated professionals to advance its mission to facilitate capital formation; maintain fair, orderly, and efficient markets; and protect investors,” Atkins said, commenting on his new role.
Under former chairperson Gary Gensler, the SEC gained notoriety for launching investigations into numerous cryptocurrency firms, earning him the reputation of a crypto antagonist during his time under ex-US President Joe Biden. However, under the Trump administration, the SEC dropped multiple legal cases against Web3 firms like Binance, Coinbase, Ripple, and OpenSea, among others, in recent months.
Atkins’ appointment as the SEC chair aligns with President Trump’s vision of transforming the US into the crypto capital of the planet.
As part of his role, Atkins will play a crucial role in drafting the crypto legislation in the US – a task that is already underway and is being carried out by the SEC’s Crypto Task Force. President Trump expects to review these rules by August this year.
