Paul Atkins officially takes over as SEC chairman: What does this mean for cryptocurrencies?

Felix ｜2025-04-12 5:05

Paul Atkins has become the richest SEC chairman in decades, with some of his assets tied to cryptocurrencies. Paul Atkins' appointment will help crypto companies innovate and remove obstacles, but may not bring the strong momentum that investors expect.

By Connor Sephton , CryptoNews

Compiled by: Felix, PANews

It’s official. Paul Atkins will become the next chairman of the U.S. Securities and Exchange Commission (SEC).

The Senate confirmed the nomination by a vote of 52 to 44, and the final hearing went smoothly.

Paul Atkins tried to distinguish himself from his predecessor Gary Gensler at the hearing, saying: “I have been leading the industry’s efforts for digital assets since 2017, and I have witnessed how the lack of regulation and ambiguity in digital assets has created uncertainty in the market and inhibited innovation.”

He went on to say that one of the top priorities when developing rules for the cryptocurrency industry is to take a “rational, coherent and principled approach.”

Senate Banking Committee member Tim Scott, another crypto supporter on Capitol Hill, welcomed the appointment, adding: “Chairman Paul Atkins will also provide regulatory clarity for digital assets, allowing American innovation to flourish and ensuring we remain competitive on the global stage.”

This is significant because during the Gensler era, the SEC has long been accused of taking an “enforcement-style approach” to regulation, viewing the entire crypto industry as a “Wild West” rife with fraud.

In contrast, Paul Atkins has served as an advisor to some of the largest companies in the digital asset space for many years, including cryptocurrency exchanges and decentralized finance platforms.

Paul Atkins Net Worth Revealed

Candidates for public office are required to declare their finances under strict disclosure rules.

Paul Atkins and his wife Sarah have assets worth more than $328 million. According to Bloomberg, Paul Atkins has become the richest US SEC chairman in decades.

Among them, a small part of Paul Atkins’ wealth is actually tied to digital assets, as follows:

Hold up to $500,000 in call options at Securitize
Up to $500,000 in equity in Anchorage Digital
Up to $5 million in assets held in crypto investment fund Off The Chain Capital.

All of these assets must be divested due to potential conflicts of interest, but Paul Atkins’ connection to Securitize is noteworthy, as he served on the company’s board of directors. The company has been working hard to position itself as a market leader in the tokenization of real-world assets (RWA), which is expected to become one of the major technology themes of the 2020s.

What happens next?

Before Paul Atkins became chairman of the SEC, the commission was busy with many cases initiated during Gensler's tenure.

The investigation into Crypto.com has been dropped. The regulator has reached an agreement with Ripple, which means a multi-year lawsuit is coming to an end. Cases against Kraken, Tron, Consensys, Gemini, OpenSea, Coinbase, and Robinhood have also been closed.

At the same time, Hester Peirce, the “mother of cryptocurrency,” will lead a special task force focused on digital assets. The task force’s top priorities include defining whether digital assets are securities, reviewing what does and does not fall under the jurisdiction of the U.S. SEC, and providing clear guidance for lending and pledging.

This means that one of the most important decisions facing Paul Atkins is whether to approve a series of exchange-traded funds (ETFs) that track the spot prices of small altcoins, joining the ranks of existing ETFs on Wall Street, such as Bitcoin and Ethereum.

A string of filings have been delayed in recent months — a sign that SEC officials are trying to stall until a new chairman is appointed. Approval of funds focused on XRP and SOL is of particular significance because it could open the door to products that track a wide range of digital assets.

There were enthusiastic reactions to the confirmation of Paul Atkins' nomination. Senator Cynthia Lummis of Wyoming said, "I believe his leadership will bring positive changes." Republican French Hill, chairman of the House Financial Services Committee, hoped that he could "repeal the harmful, anti-consumer regulations introduced during Gensler's administration."

While it is believed that Paul Atkins' appointment will help cryptocurrency companies accelerate innovation and remove obstacles, he may not be able to bring the strong momentum that investors expect. The continued uncertainty surrounding Trump's tariff policy and the global economy (not to mention the worsening trade war) means that the many unfavorable factors facing Bitcoin are far beyond his control.

Author ：Felix
This article reflects the opinions of PANews's columnist and does not represent the stance of PANews. PANews does not assume legal responsibility. The article and opinions do not constitute investment advice.
Image Source ： Felix If there is any infringement, please contact the author to remove it.