Senator Tim Scott, the new Chairman of the Senate Banking Committee, has issued a statement on Paul Atkins, the individual selected by President-elect Trump to lead the Securities and Exchange Commission.
Atkins, if approved by the Senate, will replace the unpopular SEC Chair Gary Gensler.
Scott stated:
“Throughout his career, Paul Atkins has championed policies that promote capital formation and job creation, and his extensive experience in financial regulation will be critical to reversing the harm Gary Gensler has done to our capital markets. Commissioner Atkins also understands the importance of regulatory clarity for the digital assets industry and the millions of Americans who want access to this asset class. I look forward to working with my colleagues to quickly consider his nomination.”
Atkins arrives at a key time for the Fintech sector as digital asset innovation has mainly been on hold during Gensler’s tenure. Under Gensler’s direction, the SEC embarked on a mission of regulation by enforcement of crypto – an industry that has long desired clear-cut rules. Gensler also largely ignored capital formation leading some to describe the Commission under his guidance as the anti-capital formation Commission.
With both the US House and Senate controlled by Republicans, it creates a unique opportunity to enact legislation that will facilitate the Fintech industry, including crypto and other areas like online capital formation.
Atkins is well versed in the digital asset sector, with industry insiders exuberant with his appointment.
