The U.S. Senate Banking Committee has voted 13-11, primarily along party lines, to advance the nomination of Paul Atkins as Chair of the SEC, a candidate put forward by President Donald Trump.
This nomination will now head to a vote before the full Senate, as reported by various sources.
Senate Banking Committee Chairman Tim Scott commended Atkins for his regulatory expertise and his dedication to minimizing political influence in financial oversight. In contrast, Democratic Senator Elizabeth Warren opposed the nomination, criticizing the administration’s agenda of deregulation.
Notably, no Democratic members supported Atkins’ nomination.
Additionally, the Senate Banking Committee moved forward with the nomination of Jonathan Gould to lead the Office of the Comptroller of the Currency.
Trump’s support for Atkins
Atkins previously served as an SEC Commissioner from 2002 to 2008 after being appointed by President George W. Bush. During his time in office, he advocated for reducing regulatory constraints and fostering financial innovation.
In December 2024, President Trump expressed his intention to nominate Atkins for the SEC Chair position, emphasizing Atkins’ advocacy for practical regulations and strong capital markets.
Atkins has gained attention for his pro-cryptocurrency views, having publicly criticized the SEC’s stance on digital assets during the tenure of former Chair Gary Gensler. He has called for a sensible regulatory approach to cryptocurrency and has pushed for deregulation to encourage investment and capital formation.
His nomination has received backing from various industry groups and political leaders, indicating a potential move towards a more favorable regulatory framework for cryptocurrencies.