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- Paul Atkins’ SEC confirmation faces delays due to White House paperwork issues, primarily linked to financial disclosures.
- His appointment could shift the SEC’s crypto stance toward clearer regulations and reduced scrutiny.
- Acting SEC Chair Mark Uyeda has already eased crypto regulations, hinting at a broader policy shift.
The White House has delayed Paul Atkins’ confirmation to chair the SEC because of pending paperwork. Atkins, a former SEC commissioner and pro-crypto advocate, is awaiting the completion of the necessary documents. The delay, first reported by Semafor’s Eleanor Mueller, is due to the required filing of Atkins’ disclosure forms regarding his marriage to a billionaire family.
Atkins’ wife has ties to the fortune behind TAMKO Building Products LLC, a major company in the U.S. roofing industry. Forebs reported $1.2 billion revenue in 2023. The financial transactions from the link have required a vetting process, delaying his confirmation. The slowdown does not appear to be jeopardizing his nomination. Senate Banking Committee Chairman Tim Scott has scheduled March 27 as the goal for the hearing of Atkins’ nomination.
The Senate Banking Committee also plans to convene a bipartisan meeting this coming Friday to talk about Atkins’ nomination, a sign of increasing momentum in spite of the bureaucratic delays. “No word yet on whether Atkins’ paperwork is in the committee’s hands, but one way or another, this is the most momentum we’ve had thus far,” Mueller posted on X.
While the delay is annoying to the crypto community, history shows that it is not uncommon. Previous SEC chairs Gary Gensler and Jay Clayton also had comparable confirmation periods. Gensler, for instance, got his first Senate Banking Committee hearing on March 2, 2021, almost a month since his nomination had been submitted before being confirmed on April 20 of the same year.
Trump officially nominated Atkins for the SEC chair role on December 4, 2024, and the formal paperwork was sent to the Senate on January 20. Should the confirmation process follow precedent, Atkins may assume office by late spring.
Atkins Takes Over, SEC’s Crypto Crackdown Fades
Many regard Atkins as a pro-crypto regulator who will be more lenient than his predecessor. He bases his approach on regulatory clarity and the removal of barriers to innovation in the digital asset space
This shift in leadership is likely to impact directly on key crypto-relevant decisions. Bloomberg’s ETF analyst James Seyffart recently said the SEC likely won’t approve any pending altcoin ETFs before Atkins becomes chairman. He added that he would be “surprised” if they did. The SEC typically uses procedural delays to extend decision deadlines by up to 240 days. It will likely continue this practice until a new chairman takes office.
Seyffart speculated that Atkins’ appointment by May or June could prompt ETF approvals, but noted nothing is guaranteed.
In spite of the short-term uncertainty over Atkins’ confirmation, the SEC’s attitude towards crypto seems to be softening. Acting SEC Chair Mark Uyeda, who replaced Gensler, has already made major steps. Uyeda established a crypto task force under the leadership of Commissioner Hester Peirce and unwound unpopular rules mandating that financial companies treat crypto holdings as liabilities.
In addition, the SEC has quietly shelved a number of high-profile investigations and lawsuits brought under the tenure of Gensler. The agency’s lessened enforcement activities over the past few months have helped companies like Coinbase, Consensys, Robinhood, Gemini, Uniswap, and OpenSea
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