Trump’s SEC Pick Signals Pro-Crypto Shift, Faces Senate Scrutiny

Paul Atkins, former SEC commissioner and President Trump’s nominee to lead the agency, hinted at a more crypto-friendly regulatory approach during his Senate confirmation hearing. Though not pressed on big-picture digital asset policy, Atkins emphasized a shift from former Chair Gary Gensler’s strict stance, promising a “rational, coherent, and principled” framework for crypto regulation.

Atkins, if confirmed, would replace Gensler—widely viewed as an adversary of the crypto sector due to his aggressive enforcement strategy. In his testimony, Atkins committed to working with Congress and fellow commissioners to establish clear rules for digital assets.

Senator Tim Scott praised Atkins, stating he would bring “long-overdue clarity” to crypto policy. However, Senator Elizabeth Warren criticized his ties to the digital asset industry, questioning his impartiality.

Also at the hearing was OCC nominee Gould, who faced immediate questioning about crypto “debanking.” He pledged to reverse policies that distanced banks from the crypto sector, a move welcomed by industry advocates.

Republican Senator John Kennedy shifted focus to the SEC’s handling of FTX and its disgraced founder Sam Bankman-Fried. Kennedy accused the SEC of inaction and demanded accountability, echoing frustrations about perceived double standards in enforcement.

Despite expectations, the hearing lacked in-depth discussion on upcoming crypto legislation or oversight strategies. Notably absent was Senator Cynthia Lummis, a known crypto advocate. With four nominees and a short hearing time, some Democrats voiced concerns over limited engagement.

Atkins also faced tough questions regarding his role at the SEC before the 2008 financial crisis but deflected blame to mortgage giants Fannie Mae and Freddie Mac.

The Senate committee will soon vote to decide whether Atkins and other nominees move forward in the confirmation process.