Paul Atkins, former U.S. Securities and Exchange Commission (SEC) member and President Donald Trump‘s nominee to head the agency, has pledged a new approach towards crypto regulation.
Atkins positioned himself as an experienced regulator and private-sector executive. He also stated that he would step down and relinquish his stake in Potomac Global Partners, the consulting firm he founded, if his nomination is approved.
Sen. Tim Scott (R-SC), who chairs the committee, stated that Atkins will “offer much-needed clarity for digital assets.”
The next step in the confirmation process is for the committee to vote on the nominees and submit them for possible approval by the full Senate.
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However, his ties to the crypto industry have raised concerns. Sen. Elizabeth Warren (D-Mass.) questioned Atkins about his connections to the failed cryptocurrency exchange FTX, which she believes could pose conflicts of interest if he is confirmed as SEC Chair.
The outcome of Atkins’ confirmation and his approach to crypto regulation could significantly impact the future of the crypto industry.
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