The Senate Banking Committee in the U.S. has voted to move forward with the nominations of President Donald Trump’s selections to head the Securities and Exchange Commission and the Office of the Comptroller of the Currency — both pivotal roles for future U.S. regulation of the cryptocurrency market.
The selections of Paul Atkins to take over the SEC from former Chair Gary Gensler and Jonathan Gould to lead the OCC are now headed for a vote by the full Senate. If confirmed, Atkins and Gould will assume their positions at these regulatory agencies.
Both nominees advanced through the committee via party-line votes on Thursday, with each receiving a 13-11 outcome.
Committee Chairman Tim Scott, a Republican from South Carolina, commended the nominees prior to the vote.
“Paul Atkins, a former SEC commissioner, will enhance capital formation and provide much-needed clarity on digital assets,” Scott stated. Regarding Gould, he noted that the nominee, who previously served as chief counsel at the OCC, will “end the politically-driven debanking” — a significant concern for the crypto industry.
Senator Elizabeth Warren, the highest-ranking Democrat on the committee, raised last-minute objections to the nominees before they were all voted down.
“Mr. Atkins was completely misguided leading up to the most significant financial crisis in a generation,” she remarked about his past role at the SEC before the 2008 global financial crisis. She also asserted that Gould “weakened regulations and contributed to the erosion of the safety and soundness” of the banking system during his tenure at the OCC.
The recent confirmation hearing for the nominees did not delve deeply into cryptocurrency issues, even though both would play crucial roles in the industry’s future regulation.
Read More: Trump’s Pick to Run SEC Paul Atkins Promises New Crypto Stance, Gets Few Questions