Key Takeaways
- Paul Atkins has been approved by the Senate Banking Committee to lead the SEC.
- Atkins’ confirmation faced scrutiny due to his involvement with the 2008 financial crisis and the FTX crypto exchange.
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The Senate Banking Committee has advanced Paul Atkins’ nomination to lead the US SEC in President Donald Trump’s second term. The next step is a full Senate confirmation vote to finalize his appointment.
The approval follows Atkins’ Senate Committee Hearing on March 27, which saw sharp divisions concerning his previous tenure at the SEC and potential conflicts of interest. Senator Elizabeth Warren raised concerns about Atkins’ record, particularly his role as SEC commissioner before the 2008 financial crisis.
Warren pointed out his past positions on market risks and policies that she said contributed to the financial meltdown. She also questioned his advisory role on FTX, the collapsed crypto exchange led by Sam Bankman-Fried.
The committee endorsed Atkins’ nomination with a vote of 13 to 11, amid opposition from all Democrats.
Trump tapped Atkins as his SEC Chair nominee in December 2024, praising his experience in capital markets, commitment to “common sense” regulation, and support for innovation, including digital assets.
The nomination process faced initial delays due to pending White House paperwork regarding financial disclosures related to Atkins’ wife’s family wealth. Ethics filings show Atkins and his spouse have a combined net worth of at least $327 million, including up to $6 million in crypto-related assets.
What’s next?
Atkins’ nomination now advances to the Senate floor for a final vote. Historically, this step has taken approximately 1-3 weeks, depending on the Senate’s schedule and procedural considerations.
Previous SEC chair confirmations, including Gary Gensler and Jay Clayton, took between five and six weeks from a committee hearing to the final Senate vote.
Upon Senate confirmation, Atkins could be sworn in and assume the SEC Chairmanship almost immediately. For comparison, Gensler took office three days after confirmation, and Clayton began two days after his vote.
With Republicans holding a 53-47 Senate majority, Atkins’ confirmation could move quickly. On an expedited timeline, Atkins could take office this month.
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