Paul Atkins pledges crypto reforms in SEC confirmation hearing

Paul Atkins, President Donald Trump’s nominee to lead the U.S. Securities and Exchange Commission (SEC), assured a different approach to cryptocurrency regulation but faced minimal questioning on digital assets during his Senate confirmation hearing.  

Atkins, a former SEC commissioner, is set to replace Gary Gensler, who took a strict stance on crypto oversight.  

"A top priority of my chairmanship will be to work with my fellow commissioners and Congress to provide a firm regulatory foundation for digital assets through a rational, coherent, and principled approach," Atkins stated in his testimony.  

Senator Tim Scott, who chairs the committee, said Atkins would "provide long-overdue clarity for digital assets."  

Despite these assurances, crypto was not a major focus of the hearing.  

Atkins was questioned on his past role at the SEC, particularly regarding the agency’s handling of the 2008 financial crisis.  

Senator John Kennedy raised concerns over the SEC’s approach to fraud cases, specifically referencing former FTX CEO Sam Bankman-Fried.  

"I don't think the SEC has done a damn thing," Kennedy said, criticising the agency’s actions.  

“I look forward to getting to the SEC to find out what happened,” Atkins responded.

Atkins’ confirmation comes as the administration seeks to reshape financial regulation, with Jonathan Gould also testifying as Trump’s pick for the Office of the Comptroller of the Currency (OCC).  

Gould pledged to address "debanking," a key issue for crypto firms struggling to maintain banking relationships.  

The confirmation hearing lasted two hours and covered multiple nominees, limiting discussion on digital assets.  

The committee will now vote on whether to advance Atkins’ nomination for a full Senate vote.