Crypto lawyer Paul Atkins has been officially named SEC chairman

What’s new? Paul Atkins has been sworn in as the 34th chairman of the US Securities and Exchange Commission (SEC). Atkins is the founder of the consulting firm Patomak Global Partners, whose clients include crypto firms, and a partner at crypto investment firm Off the Chain Capital, making him a reputable crypto lawyer. Atkins was nominated to head the SEC by President Donald Trump, after which his candidacy was approved by Congress.

Press release

What else is known? In conjunction with his government appointment, Atkins will step away from his for-profit companies, as well as the Digital Chamber of Commerce organization and its Token Alliance initiative.

Earlier, Atkins was criticized by Senator Elizabeth Warren for his past activities. She drew attention to a possible conflict of interest in connection with the appointment of Atkins, as he will now be responsible for the regulation of companies that previously hired him as a consultant, including for proceedings with the SEC.

However, Atkins has a history of public service prior to entering the private sector, having served as SEC commissioner from 2002 to 2008 under George W. Bush Jr.’s appointment. From 1990 to 1994, he served on the staff of two SEC chairmen, Richard Breeden and Arthur Levitt.

“I am honored by the trust and confidence President Trump and the Senate have placed in me to lead the SEC. As I return to the SEC, I am pleased to join with my fellow Commissioners and the agency’s dedicated professionals to advance its mission to facilitate capital formation; maintain fair, orderly, and efficient markets; and protect investors. Together we will work to ensure that the US is the best and most secure place in the world to invest and do business,” Atkins said in a press release.

The previous SEC chairman Gary Gensler resigned after Trump’s inauguration in January. Under him, the commission pursued a policy hostile to crypto companies and initiated investigations and litigation against some of the largest players in the market for illegally offering securities in the form of crypto assets.

As such, the commission’s activities have been criticized by both the community and lawmakers for pushing crypto firms offshore and preventing the US from achieving leadership in the industry.

Following Gensler’s resignation, crypto attorney Mark Uyeda was appointed acting SEC chairman, and the commission has dramatically changed its approach to regulating the industry.

SEC Commissioner Hester Peirce, known as crypto mom, has led a cryptocurrency task force that aims to develop new rules and holds regular roundtables to discuss topics such as revising previously issued guidance on securities regulation and creating a regulatory sandbox for trading tokenized stocks.

In addition, the commission has dropped investigations and withdrawn lawsuits against a number of crypto firms, including exchanges Coinbase and Uniswap, and officially confirmed that meme tokens do not fall under the definition of a security.

Shortly after the abrupt policy change, the number of mentions of cryptocurrency projects and blockchain technology in filings for the SEC reached an all-time high. Companies began approaching the regulator more frequently to launch various crypto investment products and integrate blockchain technologies into their business processes.