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Paul Atkins is one step closer to becoming the next chair of the U.S. Securities and Exchange Commission. On Thursday, the Senate Banking Committee advanced his nomination with a narrow 13-11 vote. All Democrats voted against him, according to a report from Reuters.
Atkins, previously an SEC commissioner, is known for supporting deregulation and has been involved in the cryptocurrency industry. He would replace Acting Chair Mark Uyeda, who has held the role since January.
The nomination now moves to the full Senate for a final vote. With Republicans holding a majority, Atkins is widely expected to be confirmed despite criticism from Democrats and others. If the Senate approves his nomination, Atkins will take over leadership of the SEC at a time when rules for digital assets remain a major point of debate among regulators, lawmakers, and the finance industry.
Senator Elizabeth Warren and other opponents have pointed to Atkins’s track record during the 2008 financial crisis and his advisory ties to the failed crypto exchange FTX. They argue that his approach could weaken investor protections.
Atkins addressed some of those concerns during a nomination hearing on March 27. He shared his experience working on digital asset policy and his views on how regulation should change.
“Since 2017, as I have led industry efforts to develop best practices for the digital asset industry, I have seen how ambiguous and non-existent regulations for digital assets create uncertainty in the market and inhibit innovation.”
He also made clear that setting rules for crypto would be at the center of his plans if confirmed.
“A top priority of my chairmanship will be to work with my fellow Commissioners and Congress to provide a firm regulatory foundation for digital assets through a rational, coherent, and principled approach.”
In addition to crypto, Atkins has said he will focus on easing the process for companies to raise capital, aiming to support market growth while maintaining oversight.