US Senate Approves Paul Atkins as SEC Chairman

Paul Atkins, nominated by US President Donald Trump, has been officially approved as the Chairman of the US Securities and Exchange Commission (SEC). As Atkins has stated that establishing a regulatory framework for virtual assets (cryptocurrency) will be his top priority after taking office, it seems that the SEC's pro-crypto stance will become more pronounced.

According to The Block on the 9th (local time), the US Senate passed the approval of Chairman Atkins with 52 votes in favor and 44 against. President Trump nominated Atkins as the head of the SEC last December. Atkins stated at a Senate Banking Committee hearing last month that "establishing a regulatory framework for virtual assets will be the SEC's top priority."

The SEC has shown a forward-looking attitude towards the virtual asset industry following the resignation of former Chairman Gary Gensler. Chairman Gensler had taken a tough stance on the cryptocurrency industry as a whole, implementing numerous sanctions. However, after Gensler's resignation, the SEC has been seen withdrawing controversial accounting standards and retracting sanctions against major virtual asset companies.

Appointed as the head of the SEC, Atkins is the founder and CEO of the consulting firm Patomak Global Partners, established in 2009. This company has banks, virtual asset exchanges, and decentralized finance (DeFi) platforms as clients. Atkins previously served as an SEC commissioner from 2002 to 2008 during the George W. Bush administration.

Senator Tim Scott, a Republican member of the Senate Banking Committee, said, "Under Chairman Atkins' leadership, the SEC will return to its original mission and restore the global competitiveness of the US capital markets."

However, some Democratic senators opposed, citing Atkins' ties to the bankrupt virtual asset exchange FTX. According to foreign media such as the Wall Street Journal (WSJ), Patomak, led by Atkins, signed a contract as an advisor to FTX in early 2022. FTX went bankrupt later that year, and its founder Sam Bankman-Fried (SBF) was convicted of seven felonies in November last year.

Democratic Senator Elizabeth Warren criticized, "Atkins has contributed to enriching fraudsters like SBF after leaving public office."