Paul Atkins closes in on SEC chair role amid setbacks: Report

Paul Atkins is reportedly moving closer to assuming the role of chair of the U.S. Securities and Exchange Commission (SEC), a position keenly eyed by the cryptocurrency community. His nomination by President Donald Trump on December 4, 2024, has faced delays primarily due to complications surrounding financial disclosures linked to his marriage into a billionaire family. Recent developments indicate that a Senate committee hearing is being organized for March 27, which could pave the way for his appointment.

Senate Banking, Housing, and Urban Affairs Chair Tim Scott is actively pursuing this timeline, although the submission of necessary documentation from the White House remains uncertain. According to Semafor journalist Eleanor Mueller, there is growing interest in Atkins’ nomination as momentum builds ahead of the proposed hearing. In a recent social media update, she highlighted the increased scrutiny facing his candidacy, stating,

> “No clarity yet on whether the committee has Atkins’ paperwork in hand, but either way, this is the most momentum we’ve seen so far.”

Following the hearing on March 27, Atkins will still require a Senate vote to confirm his position. Another bipartisan meeting to discuss his nomination is scheduled for March 21.

Earlier reports from Semafor indicated that the financial disclosures related to his wife’s family—associated with TAMKO Building Products LLC, which boasted $1.2 billion in revenue in 2023—have contributed to the delays. One former Senate Banking Committee staff member expressed frustration over the sluggish progress of the nomination process:

> “It’s a lot to go through… he got named so early on, so I think that’s why people are starting to be like, ‘What the hell’s taking so long?’”

Atkins, who previously served as an SEC commissioner from 2002 to 2008 and worked as a corporate lawyer at Davis Polk & Wardwell LLP, is expected to take a more collaborative approach to crypto regulation compared to the preceding SEC Chair Gary Gensler.

As it stands, it has been nearly four months since Atkins was nominated, and over two months since Trump’s inauguration on January 20. This protracted timeline is not unprecedented; recent SEC chairs have similarly experienced delays in their appointments following presidential transitions. For instance, Gary Gensler and Jay Clayton began their terms in mid-April and early May, respectively, following transitions in previous administrations.

In the interim, Mark Uyeda has assumed the role of acting chair since Gensler’s departure. Under Uyeda’s guidance, the SEC has initiated a “Crypto Task Force,” led by Commissioner Hester Peirce, which has already scrapped a controversial rule requiring crypto-holding financial firms to classify those assets as liabilities.

Meanwhile, the commission has dropped multiple investigations initiated during the Gensler era, including cases involving significant players like Coinbase, Gemini, and OpenSea. Discussions are also ongoing regarding potential changes to rules that could allow crypto firms to operate without registering as exchanges, illustrating a potential pivot in the SEC’s regulatory philosophy under the acting chair.

This evolving landscape at the SEC, along with Atkins’ anticipated nomination, places the crypto community in a state of eager anticipation, as stakeholders await clearer regulatory guidance amidst fluctuating market conditions.