Cryptocurrency ally Paul Atkins sworn in to replace Gary Gensler as US SEC chairman
As the new chair, Atkins will oversee a commission that is already actively developing digital asset-friendly policies and hosting roundtables on cryptocurrency issues.
Jesse Hamilton | Edited by Cheyenne Ligon Updated April 23, 2025, 3:05 PM Published April 22, 2025, 2:23 PM
Key points:
- The handover of power from Gary Gensler to Paul Atkins, who will now head the regulator, has been officially completed.
- Atkins has experience working with companies in the digital asset space and is expected to continue his interim leadership to reduce the SEC's pushback on cryptocurrencies.
Paul Atkins has taken the oath of office to officially take over as chairman of the U.S. Securities and Exchange Commission, returning Mark Ueda to his previous Republican commissioner position after a tense three months as the agency's deputy chief.
Atkins replaces former Chairman Gary Gensler, who the crypto industry has viewed as its biggest adversary in the U.S. government. However, Uyeda and fellow Commissioner Hester Peirce have already moved the SEC toward a more open approach to digital assets, creating a dedicated crypto task force, rolling back many of the area’s compliance measures, and convening industry representatives at several crypto roundtables. Agency staff have also issued statements pointing out various aspects of crypto that fall outside its securities jurisdiction.
The new chairman expressed gratitude for the “trust and confidence” placed in him by Trump and the U.S. Senate and looks forward to working with other commissioners.
“Together, we will strive to make the United States the best and safest place in the world to invest and do business,” he said in a statement.
Atkins, who was confirmed by the Senate as President Donald Trump’s nominee earlier this month, previously served as an SEC commissioner and ran a Washington, D.C., consulting firm specializing in compliance and policy. Atkins also has experience working for crypto firms in advisory roles.
The Senate approved Atkins' nomination easily, with a 52-44 vote, though the Senate Banking Committee advanced his confirmation along party lines. All of the panel's Democrats voted against him, including Sen. Elizabeth Warren, who criticized Atkins' previous work at the SEC from 2002 to 2008, tying it to the 2008 global financial crisis.
The SEC faces important questions about cryptocurrency, which could be complicated by Trump’s personal business interests in the space, including the World Liberty Financial stablecoin and meme coins (like the president’s own $TRUMP). However, the final regulation of cryptocurrency will largely depend on future legislation, which is currently a priority in Congress.
Atkins’ term will begin with a thin commission, with only four of its five members serving. The lone Democrat, Caroline Crenshaw, is already serving an expired term. The White House has not yet moved to appoint two Democrats to the commission, and other regulators have watched as Trump has sought to strip Democratic members of their positions.
Read more: Trump's SEC pick Paul Atkins promises new stance on cryptocurrencies, but gets few questions
