The crypto industry has accepted the confirmation of American businessman and former US Securities and Exchange Commissioner Paul Atkins as the agency’s chairman.
Atkins approved the month. She is appeared Prior to the Senate on March 27 to explain his intended security regulation approach to the United States, as well as his views on digital possessions.
Atkins ay Replace Acting Chair Mark Uyeda As the head of the agency, who began not to eliminate a number of court cases and the action of implementing against cryptocurrency companies when President Donald Trump took the lead. However, these actions are not worth clear guidance – yet.
Now that the Atkins is ready to take the rudder, the blockchain industry relies on the guide they want for years. So who is Paul Atkins, and what can the industry expect?
Senator Cynthia Lummis celebrated the confirmation. Source: Cynthia Lummis
Paul Atkins wants to provide guards for the crypto industry
An alumnus of Wofford College and Vanderbilt, Atkins has a long financial career. He is first worked At Davis Polk and Wardwell, before serving the staff of two former SEC chairmen from 1990-1994.
Interestingly, under the Chairman Breeden, he helped with efforts to reduce barriers to entry into capital markets for small businesses and central market companies.
After working with PWC and Coopers and Lyband, Atkins joined the SEC as commissioner at the appointment of former President George W. Bush.
In the SEC, Atkins Focused In improving compliance with financial services in the regulations of SEC. He cooperated with law enforcement agencies in cases where investors were injured. This includes the Bennett funding incident, a $ 1 billion ponzi ponzi scheme of the leasing company of which 20,000 investors have lost their investment.
After leaving this paper as commissioner, he established and led Potomak Global Partners, a consulting for banks and financial services.
Leading his 52-44 votes on confirmation-more than all with party lines-Atkins faces a roast from the Senate Committee on Banking, Housing and Urban Affairs. At hearing, atkins Says The “top priority” of his tenure as a seat is to “provide a stable foundation of regulation for digital possession by a rational, coherent and principal approach.”
Related: Trump’s choice for the SEC chair is doing it out of the committee
He said the current “unclear and non -existing regulation of digital assets” is harmful to the change and the sector. Widely, he claimed that the world industry wants to invest in America, but “the current regulatory environment for our financial system prevents investment and often punishes success.”
Congressman Tom Emmer Says Atkins’ nomination “would be nice,” saying former chairman Gary Gensler under ex-president Joe Biden “set a relatively low bar.” Emmer said the SEC could provide as soon as the clarity the industry expects: “We need stablecoins. We need a market structure. We need to have clarity and assurance in the system.”
Faryar Shirzad, chief Coinbase policy official, said confirmation was the “open -dawn of a period.”
Source: Theodore Shirzad
SEC actions under the Uyeda Point to more crypto priorities
While no one has a crystal ball, a recent review from the cointelegraph shows that recent removal of court cases and implementation actions may indicate the future direction of crypto regulation – or regulation – by the Sec.
Related: US Gov’t actions provide a clue about upcoming crypto regulation
Removal of cases that revolve around the “unregistered sale and offers of security under the Securities Act of 1933 and acting unregistered as a broker, dealer, agency coaching and exchanges” suggests that the SEC cannot consider the owners involved as security.
This idea is a bulwark of recent statements from the SEC that proof-of-work mining, pooled mining and dollars-supported dollars are not subject to security laws. In total, this indicates that the SEC does not consider the cryptocurrencies subject to security law.
Crypto agenda can be hamstrung of recent removal of SEC
One point of dispute over the Aktin ‘on the SEC chair is the recent spate of expulsions of SEC staff. The efforts of the Trump administration to cut certain types of government spending through the temporary committee of the Department of Government Efficiency (DOGE) did not rescue the security regulator.
As Politico reported in March, a combination of various purchase and dismissal programs would effectively get rid of 10% of the 5,000-power agency’s workforce in the coming months. A resource mentioned in the report suggested that the total may be closer to 15%.
DOGE leader Elon Musk – whom he himself has operated on the SEC sech several times throughout his career – has been reported looking for an additional reduction in the SEC -located budget and staff.
A group of well -known security professors known as “Shadow Sec,” has raised alarm about recent cuts, saying that the policy “decreases SEC staff will lead to chaotic financial markets, longer reviews of hours for registration statements, and weak implementation capabilities.”
Creating a new framework for digital assets, especially from the beginning, can take longer if the agency is bleeding staff and expertise while Musk has a scythe in Washington.
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