Senate Panel Greenlights Trump's SEC Pick Atkins

The US Senate Banking Committee has approved the nomination of Paul Atkins, President Donald Trump's pick to chair the Securities and Exchange Commission ( SEC ).

The committee voted along party lines on Thursday, advancing Atkins' confirmation to a vote by the full Senate, Reuters reported on Thursday.

Atkins, a long-time supporter of cryptocurrencies and a former SEC commissioner, was tapped by President Trump in early December to head the agency. Former Chair Gary Gensler stepped down on January 20 and Acting Chair Mark Uyeda has been leading the SEC since.

The Senate Banking Committee's vote saw Atkins receive a 13-11 approval, alongside Jonathan Gould, nominated to lead the Office of the Comptroller of the Currency (OCC). Both nominations now proceed to the Senate floor for final confirmation.

Committee Chairman Tim Scott, a Republican from South Carolina, voiced his support for Atkins prior to the vote. According to Reuters, Scott stated that Atkins "will promote capital formation and provide much-needed clarity for digital assets," a sentiment likely welcomed by many in the crypto space who have often called for clearer regulatory guidelines. Scott also praised Gould, suggesting he would address concerns about "politically-motivated debanking," an issue that has been a point of contention within the crypto industry.

However, the committee's top Democrat, Senator Elizabeth Warren, expressed strong opposition to Atkins' nomination. Warren has criticised Atkins' previous tenure at the SEC before the 2008 financial crisis, stating that he was "dead wrong in the leadup to the worst financial crisis in a generation." She also raised concerns about Gould's past record at the OCC, suggesting he had "weakened the rules and helped undermine" the banking system's safety and soundness.

While the confirmation hearing for Atkins and Gould did not delve deeply into specific crypto-related issues, their roles as heads of the SEC and OCC, respectively, will be pivotal in determining the regulatory framework for the digital asset industry in the US. Atkins' past experience as an SEC commissioner and his stated intention to provide clarity for digital assets suggest a potentially different approach compared to the previous administration.

The confirmation process now moves to the full Senate, where Atkins' appointment will be subject to another vote.