Paul Atkins Returns to SEC Helm as Trump Reasserts Influence Over Agency Watchdog

Paul Atkins was officially sworn in as the 34th Chairman of the Securities and Exchange Commission on Monday, bringing a crypto-friendly approach that contrasts with his predecessor's aggressive enforcement strategy.

Atkins vowed to push the SEC’s “mission to facilitate capital formation; maintain fair, orderly, and efficient markets; and protect investors.”

In a testimony delivered before his Senate confirmation, Atkins said his time in public service and in the private sector allowed him to "see first-hand how regulations, including those of the SEC, affect markets and investors."

Exactly 52 Republicans voted for his nomination, while 44 Democrats opposed. 

Atkins' private sector leadership includes founding Patomak Global Partners in 2009, developing standards for the digital asset industry. Atkins said he'd resign from Patomak within 90 days of confirmation.

Late last month, Senator Elizabeth Warren (D-MA) wrote to Atkins, demanding he clarify Patomak's advisory role to crypto firms, including the now-defunct FTX exchange.

Unclear regulation "creates uncertainty and inhibits innovation," Atkins told the Senate. He promised to guide the SEC "through a rational, coherent, and principled approach."

Atkins replaces Gary Gensler, who sued numerous crypto firms during the Biden era for alleged securities violations.

Previously acting Chair Mark Uyeda and Commissioner Hester Peirce have already moved to dismiss most of these, while also clearing meme coins and crypto mining from securities oversight.

Criticizing Biden-era regulations as "unclear, overly politicized, complicated, and burdensome," Atkins has signaled a deregulatory approach to the market.

Financial disclosures for his candidacy reveal Atkins holds up to $5 million in digital-asset investment firm Off the Chain Capital LLC, where he is a limited partner.

Atkins has a combined net worth of roughly $327 million, including assets and equities from his heiress wife, making him one of the wealthiest to hold the SEC chair in decades.

President Trump's SEC picks, beyond Atkins, show a consistent pattern of selecting individuals with strong Wall Street connections and a track record of handling financial industry matters.

In his first term, Trump picked Jay Clayton, who served at Sullivan & Cromwell, a prominent law firm with deep ties to Wall Street. At the law firm, Clayton represented top financial firms, including Goldman Sachs, Deutsche Bank, Barclays, Bear Stearns, and UBS.

The Atkins-led SEC now faces decisions on over 70 crypto-related ETF applications, with crypto assets ranging from Solana and XRP to Dogecoin and MELANIA.

"Gonna be a wild year," Bloomberg senior ETF analyst Balchunas said on X.

Edited by Sebastian Sinclair