YEREVAN (CoinChapter.com) — Paul Atkins, nominated by Donald Trump to lead the U.S. Securities and Exchange Commission (SEC), is facing delays in his confirmation process. The Senate Banking, Housing, and Urban Affairs Committee is preparing for a March 27 hearing, according to Eleanor Mueller of Semafor. However, financial disclosures related to his family connections have slowed down the process.
Atkins’ nomination, announced on December 4, has faced scrutiny over financial documents linked to his wife’s family business. His wife’s family is associated with TAMKO Building Products LLC, a company that generated approximately $1.2 billion in revenue in 2023, according to Forbes. The Senate Banking Committee is still reviewing financial disclosures, which has delayed his confirmation. A former committee staffer described the situation as complex, adding that despite being nominated early, the process has taken longer than expected.
Tim Scott, who leads the Senate Banking Committee, is reportedly planning a bipartisan discussion on March 21 to review Atkins’ nomination ahead of the formal hearing. There is no confirmation on whether all necessary financial documents have been submitted.
Paul Atkins’ SEC Experience and Expected Approach
Atkins previously served as an SEC commissioner from 2002 to 2008. Before his time at the commission, he worked as a corporate lawyer at Davis Polk & Wardwell LLP in New York. His nomination signals a potential shift in regulatory policy, as he is expected to approach crypto regulation differently from Gary Gensler, the former SEC chair.
It has been nearly four months since Trump selected Atkins for the role. However, SEC chairs have historically experienced delayed confirmations. Gary Gensler and Jay Clayton started their terms on April 17, 2021, and May 4, 2017, respectively, months after presidential transitions.
Mark Uyeda Leads SEC While Awaiting Confirmation
Since Gensler stepped down on Jan․ 20, Mark Uyeda has been serving as the acting SEC chair. Under Uyeda’s leadership, the SEC has taken steps to reevaluate regulations affecting the crypto industry. The commission has established a Crypto Task Force, led by SEC Commissioner Hester Peirce, and has reversed a previous rule that required financial firms to classify crypto holdings as liabilities.
In recent weeks, the SEC has also dropped multiple investigations and lawsuits against Coinbase, Consensys, Robinhood, Gemini, Uniswap, and OpenSea. On March 17, Uyeda stated that the commission is considering abandoning a rule requiring crypto firms to register as exchanges. He also mentioned that the SEC may reconsider the Biden administration’s proposed rules on crypto custody.
With the March 27 hearing approaching, the Senate will determine the next steps for Atkins’ confirmation as the SEC chair.
