Former U.S. Securities and Exchange Commission member Paul Atkins is scheduled to appear before a Senate Banking Committee member on March 27, as part of the Trump administration’s efforts to bring the President’s Pick to a high-level government position.
Since US President Donald Trump took office on January 20th, the SEC has repealed several investigations and enforcement measures against major crypto companies under the guidance of acting chairman Mark Weda. Many analysts view the SEC’s recent actions as a campaign-based administration promised to the crypto industry, some of which donated directly to the then presidential candidate or his inauguration fund after the election on November 5th.
The committee’s actions include declaring that Memecoin is not a securities — in stark contrast to its position under former chairman Gary Gensler, leading many to speculate that the SEC under Trump is essentially a booming, without scrutiny of regulations.
Atkins, who was chosen by Trump in December 2024 and officially nominated after taking office, received support from industry players at Coinbase and Ripple. The case was then removed.
Given that the SEC appears to be about Trump’s potential conflict of interest on cryptocurrency enforcement and the conflict of potential interest with industry, and the relationship between Liberty Financial in the cryptocurrency world and the launch of his own Memocoin, some lawmakers may question Atkins’ views on digital assets in confirmed hearing.
If confirmed by the Senate, Atkins could soon return to the fully Republican-controlled SEC, with Democrat Secretary Caroline Crenshaw expected to leave by 2026.
https://www.youtube.com/watch?v=jmqj01_zka8
It is unclear whether Atkins has a vote to pass a confirmation hearing at the Banking Committee or if he will vote in the Senate all levels. Republicans have taken over the majority of the 53 seats with only the 51 votes needed to confirm candidates, and have not suggested they intend to oppose Trump’s choice of a key position in the government, with the exception of former U.S. Attorney General’s Representative Matt Gaetz.
Democratic opposition to Atkins’ nomination
Massachusetts Sen. Elizabeth Warren, a top Democrat on the Banking Committee, often equating cryptography with drug trafficking and other illegal activities, said in a March 23 letter to Atkins that she is concerned about his potential role in the SEC after consulting firm Patmac Global Partners is an advisor to the advisor who removes crypto exchange ftx. He was also an advisor to the chamber of commerce advocacy group for digital commerce.
“The deep engagement with FTX and other well-paid crypto clients raises questions about their approach to crypto regulation and concerns about the level of knowledge they know about FTX’s illegal activities,” Warren said, adding:
“Your economic relationship with the industry you quickly regulate raises serious concerns about your ability to avoid conflicts of interest as a regulator.”
Warren suggested that some members of the Senate are likely to question Trump’s choices about the SEC, which recently dropped an enforcement case against a crypto company, and Trump’s family reported that he had been in discussion with Binance about a possible pardon from former Vinance CEO Champen Zhao, about his intention to apply to a digital asset if Atkins equips a committee to the digital asset.
She suggested that after Atkins was nominated, she may have communicated with Republican Second Commissioner and Hester Perth.
Related: SEC is waiting for chairs before setting up a crypto agenda – Hesterpeas
Prior to his hearing, Atkins has already met with Republican lawmakers on the committee, including Wyoming Sen. Cynthia Ramis. Cointelegraph contacted Lummis’ office to comment on Atkins’ nomination, but did not receive a response at the time of publication.
If his appointment moves through the Banking Committee and the Senate, Atkins will be confirmed for a term ending in June 2031 and will take over as Ueda’s chairman. In addition to the committee repealing investigations and enforcement measures, the Acting SEC Chair proposed a waiver rule that required crypto companies to register with the institution.
Magazine: Ripple “over” SEC lawsuit, Das Trump, etc.: Hodler’s Digest, March 16-22
