Senate finalizes! Pual Atkins to lead the SEC, crypto regulations may undergo significant adjustments.

The Atkins plan relaxes regulatory requirements, reduces corporate disclosure rules, and continues the committee's support for a new stance on Crypto assets.

Source: cryptoslate

Compiled by: Blockchain Knight

The U.S. Senate has confirmed Paul Atkins as the new chairman of the Securities and Exchange Commission (SEC). Senators approved the appointment on Wednesday with a vote of 52 in favor and 44 against.

Atkins is known for his loose regulatory philosophy, criticizing the "over-politicization and cumbersome" rules that stifle capital formation. Senate Banking Committee Chairman Tim Scott praised Atkins as a leader who "promotes capital formation and provides clarity for digital assets," acknowledging his potential to ease compliance burdens.

Atkins is expected to change the way the agency regulates finance. He plans to relax regulatory requirements, reduce corporate disclosure rules, and continue the committee's support for a new stance on Crypto assets.

Since last week's Senate hearing, there have been some doubts about the appointment of Pual Atkins. This mainly stems from his significant vested interests as an investment leader in the Crypto asset sector.

If Atkins is at the helm, no industry will profit more than Crypto assets. Since providing consulting for digital commerce, Atkins has been a vocal advocate for digital assets, promising to provide a "solid regulatory foundation" for this industry that has been targeted by Gensler.

However, the Senate made a decision today by a narrow margin.

The recent leadership change occurred after the institution underwent a significant transformation. Mark Uyeda, who served as acting chairman after Gensler's departure, implemented comprehensive reforms to the Crypto asset policy.

The Senate Cloakroom stated: "Confirmed by a vote of 52 in favor and 44 opposed: Approving the execution schedule No. 61 bill, appointing Pual Atkins as a Commissioner of the U.S. Securities and Exchange Commission, with a term ending on June 5, 2026."

Under Uyeda's leadership, the SEC rejected several significant enforcement actions related to digital assets. The agency also announced that certain areas of Crypto assets, including stablecoins, proof-of-work Mining, and memecoins, are not within its jurisdiction.

Some of these areas have financial ties to the Trump family. Their investment projects include memecoin projects, as well as connections with World Liberty Financial, a company that supports its own stablecoin.

Atkins expects to formally establish these regulatory changes and oversee any new standards that may arise from pending legislation.

Eleanor Terrett wrote: "Atkins may make history tonight as the first SEC commissioner to be confirmed by the Senate three times. He was appointed in 2002 and 2003, and now again in 2025."

The SEC has begun to relax several other rules. Uyeda has postponed the implementation deadline of policies introduced during Gensler's term.

He also revised the rules for shareholder proposals, making it more difficult for activists to force issues onto the company's voting agenda.

The agency withdrew its support for the rules requiring companies to disclose climate-related risks and emissions.

Atkins will take over a smaller agency. About 500 employees have accepted voluntary resignation or buyout packages. This is part of a broader effort by the Trump administration to reduce the size of federal agencies.