The U.S. Senate confirmed on Wednesday (April 9) the Wall Street regulatory nominee of President Trump, approving Paul Atkins to serve as chairman of the U.S. Securities and Exchange Commission (SEC), putting this pro-business lawyer in charge of the institution undergoing significant changes.
On Wednesday, the Republican-controlled Senate essentially voted along party lines with a 52-44 result to confirm Atkins’ appointment.
Atkins is a lawyer from Washington D.C. who served as a commissioner of the U.S. Securities and Exchange Commission (SEC) from 2002 to 2008, bringing with him extensive experience and past connections to the cryptocurrency industry.
As this new leader steps into his role, the SEC is facing historic market volatility on Wall Street and significant staff departures. SEC staff members are concerned that with billionaire Elon Musk leading the Department of Government Efficiency (DOGE) reviewing the institution and an interim leadership seeking restructuring based on White House directives, further staff reductions may be on the horizon.
Since Trump took office on January 20, as part of comprehensive government reform and cost-cutting measures, the new administration has reduced the size of several federal agencies and cut over two hundred thousand federal employees.
During his confirmation hearing last month, Atkins stated that he would “definitely” collaborate with the Department of Government Efficiency to reduce the operational costs of the SEC.
Atkins’ voting record during his time at the SEC indicates that he may reduce the regulatory intensity of the institution.
Speaking to the Senate Banking Committee, Atkins outlined plans to implement a “tailored” regulation based on the institution’s somewhat limited legal authority.
According to his financial disclosure documents, Atkins and his wife jointly hold assets worth at least $328 million, possibly exceeding $589 million.
Prior to Atkins’ testimony, Trump’s team stated that the nominee for the regulatory agency fully meets all ethical and disclosure requirements and, if confirmed, will work with the SEC’s ethics officials.
(This article is based on a report from Reuters)