Senate Confirms Paul Atkins as U.S. Securities and Exchange Commission Chair
The U.S. Senate voted late Wednesday to confirm the appointment of Paul S. Atkins as the next U.S. Securities and Exchange Commission chairman. The vote was 52-44 and concluded a months-long confirmation process for the crypto enthusiast and Wall Street consultant.
As previously reported by AltsWire, then President-elect Trump nominated Atkins, a digital asset industry lobbyist, to be the next SEC chairman last December.
Atkins is expected to be friendlier toward the financial industry than his predecessor, Gary Gensler, and indicated during his confirmation hearing before the Senate Banking Committee last month that he would streamline the regulatory activity of the agency.
Several special-interest advocacy organizations expressed their positive reactions to the news, including the Financial Services Institute, or FSI, which advocates on behalf of financial advisers and financial services firms; and the Insured Retirement Institute, or IRI, which champions retirement security for all through leadership areas such as in advocacy, awareness, research, and the advancement of digital solutions.
“We congratulate Paul Atkins on his confirmation as SEC Chair. Now is a pivotal time in the history of the markets with rapid technological advancements, evolving investor expectations and the emergence of innovative financial products,” said Dale Brown, president and chief executive officer. “We encourage Chair Atkins and the SEC staff to update regulations and guidance to align with these advancements, allowing the financial services industry to best serve clients in the modern marketplace while continuing to ensure investor protection.”
Wayne Chopus, president and CEO of IRI said: “IRI congratulates Chairman Atkins on his confirmation to lead the U.S. Securities and Exchange Commission. We look forward to working with him and the Commission to ensure continued, strong consumer protection within a regulatory framework that fosters innovation, strengthens market access, and supports a secure path to retirement for all Americans.”
The industry expects the SEC under Atkins to reconsider several proposals introduced by the prior administration, including amendments to registered investment adviser custody rule, and the proposed rule on predictive data analytics. Opponents of those proposals say they would harm consumers by impairing access to valuable products and services while imposing significant regulatory and compliance costs and burdens on the financial services industry.
Appointed by 43rd President George W. Bush, Atkins was a commissioner of the SEC from 2002 to 2008. Before his appointment as commissioner, according to Wikipedia, Atkins assisted financial services firms in improving their compliance with SEC regulations. He worked with law enforcement agencies to investigate and rectify situations where investors had been harmed, such as when leasing company Bennett Funding Group Inc. perpetrated the then-largest Ponzi fraud to date in U.S. history affecting 20,000-plus investors.
Since leaving the SEC Atkins founded and had been CEO of Patomak Global Partners LLC, a consulting firm for financial firms and cryptocurrency companies. He also had served as co-chair of the Token Alliance, an initiative of the Chamber of Digital Commerce, a lobbying group for the crypto industry.
From 1990 to 1994, Atkins served on the staff of two former chairmen of the SEC, Richard C. Breeden and Arthur Levitt. Under Chairman Breeden, he assisted in efforts to improve regulations regarding corporate governance, enhance shareholder communications, strengthen management accountability through proxy reform, and decrease barriers to entry for small businesses and middle market companies to the capital markets. Under Chairman Levitt, according to Wikipedia, he was responsible for organizing the SEC’s individual investor program, including the first investor town hall meetings, and an SEC consumer affairs advisory committee.
Atkins began his law career with Davis Polk & Wardwell, focusing on public and private securities offerings and mergers and acquisitions. He received his J.D. from Vanderbilt University School of Law in 1983 and was senior student writing editor of the Vanderbilt Law Review. His bachelor’s degree is from Wofford College in Spartanburg, S.C.
Prior to Atkins’ Senate confirmation, Mark T. Uyeda had been serving as SEC’s acting chair.
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