- Paul Atkins’ confirmation could reshape crypto regulations, aligning with Trump’s pro-crypto stance and SEC’s policy shift.
- SEC, under Mark Uyeda, has dropped lawsuits against Coinbase, Uniswap, Robinhood Crypto, OpenSea, and Kraken.
- Trump signed an executive order for a strategic Bitcoin reserve, possibly expanding to altcoins like XRP.
US Securities and Exchange Commission (SEC) Chairman nominee Paul Atkins will appear before the Senate Banking Committee for his long-awaited confirmation hearing on March 27. The committee will assess Atkins’ suitability as a replacement for Gary Gensler and evaluate other pro-crypto nominations crucial to the sector’s future.
Trump’s Influence on Crypto Regulations Grows
Along with Atkins, the Senate panel will consider confirming Jonathan Gould to serve as head of the Office of the Comptroller of the Currency (OCC). OCC oversees U.S. national banks and is hence a crucial institution for cryptocurrency firms that are hoping to gain access to stable banks. The panel will also consider confirming Luke Pettit for assistant Treasury assistant.
Atkins is a staunch supporter of digital assets. He has managed a Washington-based advisory firm that advises clients on financial compliance. His recruitment is in line with President Donald Trump’s move to establish a pro-crypto environment and maintain the pace that has been set since Trump’s return to office.
Trump appointed Atkins to replace former SEC Chairman Gary Gensler, whose tenure was defined by enforcement action against cryptocurrency firms. Already, Acting SEC Chairman Mark Uyeda has relaxed Gensler’s enforcement position by dropping lawsuits and halting pending enforcement action. This action signals a more amicable regulatory landscape for cryptocurrency firms.
SEC Drops Lawsuits Against Crypto Firms
Since he took office on January 20 as interim SEC chairman, Mark Uyeda has overseen major developments in cryptocurrency regulation. Several lawsuits against cryptocurrency firms have been dismissed, starting with Coinbase and extending to Uniswap, Robinhood Crypto, OpenSea, and Kraken. Dismissal of those lawsuits is a sign of a gentler regulatory stance.
The SEC’s Ripple case also has received a mark of closure, hence lifting a dreadful legal weight off Atkins in the process, if confirmed. Furthermore, Trump issued a new executive order that opened up the option of a reserve Bitcoin to be held strategically. There is talk amongst industry leaders that the prospective legislation may include altcoins such as XRP as well, as there is more likely to be a supple view for cryptos from the government.
Atkins seems poised to continue along the path of progressive policymaking toward the crypto ecosystem. Assuming these expectations, upon confirmation, the new American capital regulation would be more welcoming to institutional players hoping to enter the market. The upcoming hearing will determine whether he is appointed to his position and confirm a future of pro-crypto policies for the SEC.
Read More: SEC May Drop Ripple Appeal, Awaiting Leadership Shift for Judgment Decision