The Senate voted to approve Paul Atkins, a longtime Republican financial expert and cryptocurrency advocate, to lead the Securities and Exchange Commission.
The Senate confirmed Atkins in a 52-44 vote on Wednesday evening. President Donald Trump nominated Atkins to be chairman of the SEC and he will be tasked with regulating the stock market and enforcing securities law.
Atkins is the CEO of Patomak Global Partners, a risk management and financial services consulting firm. Atkins served as an SEC commissioner from 2002 to 2008 after being appointed by then-President George W. Bush. He is a self-described believer in free markets.
Atkins is replacing former SEC Chairman Gary Gensler, who served in the role for nearly the entirety of President Joe Biden’s presidency. Gensler was a frequent target among those in the cryptocurrency industry and stepped down ahead of Trump’s inauguration.
Atkins will likely be a stark contrast to Gensler as head of the SEC. Atkins is co-chairman of the Token Alliance, which is an initiative of the bitcoin and crypto advocacy group Chamber of Digital Commerce.
Sen. Tim Scott (R-SC), the chairman of the Senate Banking Committee, said in a statement that Atkins’s “tenure will mark a pivotal moment to roll back harmful Biden-era policies, promote capital formation, and enhance opportunities for retail investors.”
The Senate Banking Committee had voted 13-11 to move forward Atkins’s nomination to the floor.
His nomination faced criticism from Sen. Elizabeth Warren (D-MA), the top Democrat on the Banking Committee, who accused him of being “dead wrong” in the lead-up to the 2008 financial crisis.
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The American Securities Association supported Atkins’s nomination, and the group’s president and CEO, Chris Iacovella, recently sent a letter urging his confirmation.
“I have known Mr. Atkins for many years and I believe his deep understanding of how the U.S. capital markets work, his willingness to appropriately balance the costs and benefits of regulation, and his desire to protect American investors from scam centers and frauds will serve our country well in the years to come,” Iacovella said.