Paul Atkins Edges Closer to SEC Chair Role as Senate Eyes March 27 Hearing

Paul Atkins, the crypto-friendly nominee for the U.S. Securities and Exchange Commission (SEC) chair, is inching closer to confirmation. According to reports, the Senate Banking Committee is preparing to hold a March 27 hearing to review Atkins’ nomination, marking the first significant step forward since his December 4 nomination by President Donald Trump.

Atkins’ path to the SEC chair, however, has been slowed by financial disclosure hurdles related to his marriage into a billionaire family. His wife’s relatives are connected to TAMKO Building Products LLC, a roofing manufacturer that reportedly generated $1.2 billion in revenue in 2023. The complex financial documentation stemming from these ties has delayed the Senate’s review process.

While it is unclear if the White House has submitted the required financial paperwork, Senate Banking Committee Chair Tim Scott is pushing ahead with the hearing. According to Semafor’s Eleanor Mueller, this is the “most momentum” Atkins’ nomination has seen thus far.

Crypto-Friendly Approach of SEC?

If confirmed, Atkins is expected to bring a more collaborative regulatory approach toward cryptocurrencies, contrasting sharply with former SEC Chair Gary Gensler’s enforcement-heavy stance. Atkins, who previously served as an SEC commissioner from 2002 to 2008, is viewed as pro-innovation and more open to industry input.

Since Gensler’s departure on January 20, the SEC’s acting chair, Mark Uyeda, has already signaled a shift toward deregulation. Under Uyeda’s leadership, the SEC scrapped a controversial rule that required financial firms holding crypto to record them as liabilities on their balance sheets. The commission also dropped lawsuits and investigations against major crypto firms, including Coinbase, Consensys, Robinhood, Gemini, Uniswap, and OpenSea.

If confirmed, Atkins is likely to accelerate this industry-friendly pivot, potentially easing compliance burdens and revisiting contentious rules, such as the crypto custody regulation proposed under the Biden administration.

Potential Impact on the Crypto Market

Atkins’ leadership could usher in a new era of regulatory cooperation with the crypto sector. With institutional adoption and crypto ETFs on the rise, a more lenient SEC could boost market confidence and encourage further investment.

While Atkins still requires a full Senate vote for confirmation, the upcoming March 27 hearing will be a key indicator of whether the crypto industry is poised for a friendlier regulatory landscape.