The Senate confirmed Paul Atkins as President Donald Trump’s next chairman of the Securities and Exchange Commission (SEC) in a 52-44 vote on Wednesday evening.
Atkins, a pro-cryptocurrency attorney who served as SEC commissioner from 2002 to 2008, returns to lead the U.S. government agency tasked with regulating Wall Street at a time of high market volatility. After days of uncertainty, U.S. stocks saw historic gains on Wednesday after Trump paused his reciprocal tariff policies against most of the U.S.’s biggest trading partners.
Atkins’ nomination advanced out of the Senate Banking, Housing, and Urban Affairs Committee in a 13-11 vote last week after the SEC chair nominee told lawmakers he would “definitely” work with Elon Musk’s Department of Government Efficiency “to make sure that taxpayer funds are being used properly and that the work of the commission is being done effectively and efficiently.”
Chair Tim Scott, R-S.C., praised Atkins’ confirmation Wednesday, saying the CEO of Patomak Global Partners “brings a wealth of experience and dedication to safeguarding our capital markets.”
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“His tenure will mark a pivotal moment to roll back harmful Biden-era policies, promote capital formation, and enhance opportunities for retail investors,” Scott said in a statement. “Chairman Atkins will also provide regulatory clarity for digital assets, allowing American innovation to flourish, and ensuring we remain competitive on the global stage. I look forward to collaborating with Chairman Atkins to reignite our capital markets, which are vital for economic growth, job creation, and innovation.”
The ranking member of the Senate banking panel, Sen. Elizabeth Warren, D-Mass., last week criticized Atkins’ judgment at the SEC leading up to the 2008 financial crisis, but Trump’s nominee said he did not believe he was wrong about deregulation.
“This job is about judgment and holding up on your resume that you were one of the people on the job to exercise judgment in the run-up to the biggest crash since the Great Depression, and now your hindsight is not 20/20. It’s 20/0,” Warren told the committee.
Warren had repeatedly criticized Musk and DOGE’s cost-cutting efforts at the federal government during the hearing. Just days before the end of Biden’s term, the SEC in January launched a $150 million lawsuit against Musk over his 2022 purchase of Twitter, now X. During the Biden administration, Warren hammered former SEC Chairman Gary Gensler to investigate Musk’s Tesla, alleging there were conflicts of interests in the tech billionaire serving in dual roles at the electric carmaker and social media company. Gensley resigned ahead of Trump’s inauguration.
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Trump nominated Atkins in December, saying his choice to head the SEC “is a proven leader for common-sense regulations.”
“He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before,” Trump wrote on TRUTH Social.
Trump said Atkins had been co-chair of the Digital Chamber’s Token Alliance since 2017, and as SEC commissioner, “strongly advocated for transparency & protecting investors.”
At his confirmation hearing, Atkin said “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.”
“This is a pivotal moment for our economy. Entrepreneurs, businesses, and individuals here at home and across the globe are eager to invest in America now that President Trump is at the helm,” Atkins told senators. “Yet, the current regulatory environment for our financial system inhibits investment and too often punishes success. Unclear, overly politicized, complicated, and burdensome regulations are stifling capital formation, while American investors are flooded with disclosures that do the opposite of helping them understand the true risks of an investment.”
Vowing to reset priorities at the SEC, Atkins said, if he was confirmed, his “goal will be to ensure that the United States is the best and most secure place in the world to do business and for Americans to invest their hard-earned dollars to save and provide for their future.” He said he would also strive “to keep politics out of how our securities laws and regulations are applied.”
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