Paul Atkins has officially been sworn in as the new Chair of the SEC. The SEC confirmed his swearing-in on Monday.
His appointment was approved by the U.S. Senate on April 9, mainly along party lines.
A Return to the SEC With a New Focus
Atkins previously served as an SEC commissioner from 2002 to 2008 under President George W. Bush. After his tenure, he founded Patomak Global Partners, a consulting firm that has worked with various clients in the crypto space, including FTX, Van Eck, and the Chamber of Digital Commerce.
During his confirmation hearing, Atkins emphasized the need for clearer rules in the digital asset sector. “Ambiguous and non-existent regulation of digital assets create uncertainty in the market and inhibit innovation,” he stated. His top priority, he said, will be to develop a “rational, coherent and principled” regulatory framework in collaboration with fellow commissioners and Congress.
New Direction for Crypto Regulation
Atkins’ appointment follows a period of transition at the SEC. Acting Chair Mark Uyeda had already initiated several changes, including the creation of a Crypto Task Force and a series of public roundtables. These steps aimed to explore clearer paths forward for the digital asset industry. Notably, the SEC under Uyeda also released interim guidance for crypto issuers and clarified that many meme coins, stablecoins, and crypto mining activities do not fall under securities regulations.
One of Atkins’ first appearances as Chair may be at the upcoming SEC roundtable on crypto custody, scheduled for April 25. The event is expected to further discussions on how crypto assets should be stored and managed, a key concern for institutional players entering the space.
A Shift From Gensler’s Enforcement-Heavy Approach
Atkins takes over from Gary Gensler, whose enforcement-first strategy made him unpopular in both crypto and banking circles. Under Gensler, rules like SAB 121 made it difficult for banks to enter the crypto custody market, limiting their role in the rising sector of digital securities. This regulatory stance was blamed for the U.S. falling behind Europe and Asia in launching digital bonds.
With Atkins now at the helm, the SEC seems poised to take a more collaborative and structured approach to crypto. The industry is watching closely to see how far the agency will go in rewriting the rules.