Source: Cointelegraph Original: "{title}"

The crypto industry welcomes the confirmation of American businessman and former SEC Commissioner Paul Atkins as the new chairman of the agency.

Atkins' appointment took months to finalize. On March 27, he appeared before the Senate, outlining his expected approach to U.S. securities regulation and his views on digital assets.

Atkins will succeed acting chairman Mark Uyeda, becoming the new leader of the agency. Since President Donald Trump took office, the SEC has begun to ease some court cases and enforcement actions against cryptocurrency companies, but these actions have not yet formed clear guidelines.

Now, as Atkins prepares to take the helm, the blockchain industry hopes to receive the clear guidance it has been seeking for years. So, who is Paul Atkins? What can the industry expect from him?

Senator Cynthia Lummis celebrates the confirmation. Source: Cynthia Lummis

Atkins graduated from Wofford College and Vanderbilt University, bringing extensive experience in the financial sector. He initially worked at Davis Polk & Wardwell law firm and then served as staff for two former SEC chairmen from 1990 to 1994.

Notably, during Richard Breeden's chairmanship, he assisted in efforts to reduce barriers for small and medium-sized enterprises entering the capital markets.

After working at PwC and Coopers and Lybrand, Atkins rejoined the SEC, appointed as a commissioner by former President George W. Bush.

During his time at the SEC, he focused on improving compliance with SEC regulations in financial services and collaborated with enforcement agencies to address cases where investors were harmed, including a $1 billion Ponzi scheme perpetrated by a leasing company—the Bennett Funding case, which resulted in significant losses for 20,000 investors.

After leaving the commissioner position, he founded and led Potomak Global Partners, a consulting firm for banks and financial services companies.

Before the 52-44 confirmation vote (largely along party lines), Atkins faced rigorous questioning from the Senate Banking, Housing, and Urban Affairs Committee. During the hearing, Atkins stated that his "top priority" as chairman would be to provide a solid regulatory foundation for digital assets in a "rational, coherent, and principled manner."

He noted that the current "vague and nonexistent regulation" of digital assets harms innovation and industry development. He more broadly claimed that global companies want to invest in the U.S., but "the current regulatory environment of our financial system stifles investment and often punishes success."

Congressman Tom Emmer remarked on Atkins' nomination, saying, "This is going to be great." He pointed out that former chairman Gary Gensler set "a rather low standard" under President Joe Biden. Emmer expressed hope that the SEC would provide the clarity the industry has long awaited: "We need stablecoins. We need market structure. We need clarity and certainty in the system."

Faryar Shirzad, Chief Policy Officer of Coinbase, stated that this confirmation is "the dawn of a new era."

Source: Faryar Shirzad

While no one can predict the future, Cointelegraph's latest analysis suggests that the recent dismissals of court cases and enforcement actions may reveal the SEC's future direction regarding crypto regulation—or lack thereof.

The dismissal of cases related to "the unregistered sale and offering of securities under the Securities Act of 1933 and acting as unregistered brokers, dealers, clearing agencies, and exchanges" indicates that the SEC may not view the assets involved as securities.

This perspective is supported by a recent SEC statement asserting that proof-of-work mining, pooled mining, and dollar-backed stablecoins are not subject to securities laws. Overall, this suggests that the SEC does not consider cryptocurrencies to be governed by securities laws.

One friction point regarding Atkins' ascension to SEC chairman is the recent mass layoffs of SEC staff. The Trump administration's efforts to cut certain types of government spending through the Department of Government Efficiency (DOGE) have not spared the securities regulator.

As Politico reported in March, a combination of different buyouts and layoff plans will effectively cut 10% of the agency's 5,000 employees in the coming months. A source mentioned in the report suggested that the total could be closer to 15%.

DOGE leader Elon Musk—who has had multiple conflicts with the SEC throughout his career—reportedly seeks further cuts to the SEC's already reduced budget and staff.

A group of prominent securities law professors, referred to as the "shadow SEC," warned about the recent layoffs, stating that "cutting SEC staff will lead to chaos in the financial markets, longer review times for registration statements, and weakened enforcement capabilities."

Creating a new framework for digital assets from scratch may take longer, especially with the agency's loss of personnel and expertise, while Musk wields the scythe in Washington.

Related: U.S. Senate votes to officially confirm Paul Atkins as SEC chairman under Trump’s leadership.

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