Paul Atkins will become the U.S. Securities and Exchange Commission (SEC) chairman in 48 hours, succeeding acting chairman Mark Uyeda. The Senate today votes on the final passage sending him to his confirmation to go into effect ahead of time, with anticipated significant reforms to cryptocurrency regulation.
SEC Leadership Change
Cloture Vote Set for April 9 at 11:30 a.m. ET to advance Atkins’ confirmation. This record vote would secure final confirmation as early as 7:00 p.m. same day. If successful, Atkins may be in office as early as week’s end. Mark Uyeda has served as the SEC’s acting chairman and has advocated a less draconian approach to cryptocurrency, i.e., settling the Ripple lawsuit and relaxing earlier aggressive enforcement policies.
Atkins’ Pro-Crypto Policy
Paul Atkins has been characterized by pushing policies that will lead to financial innovation. From his experience as an SEC commissioner, Atkins has learned how to be a pro-cryptocurrency regulation leader. This is a total reversal from the modus operandi of former SEC chair Gary Gensler, which was an enforcement-first strategy. Atkins is currently most likely to be an advocate of a regulatory system that provides for the listing of financial products based on cryptocurrency.
Expectations for Crypto ETFs
Analysts highly anticipate that Atkins’ appointment will facilitate faster approvals for cryptocurrency exchange-traded funds (ETFs). Investors expect that mainstream digital currencies like XRP, Solana (SOL), and Dogecoin will benefit from this regulatory shift. Enhanced regulatory measures could spur increased institutional investment in these cryptocurrencies.
With Paul Atkins coming aboard as the new SEC chair, the future of U.S. cryptocurrencies could receive a revolutionary facelift. His appointment is with open arms from cryptocurrency investors, who believe they have a fighting chance with more kindness from the regulatory body. Investors must be cautious as the SEC moves into fresher leadership that is certain to usher in a new breed of cryptocurrency investing.
