The Senate has confirmed Paul Atkins as the new chairman of the Securities and Exchange Commission, ushering in a change in leadership at the agency amid ongoing internal upheaval and significant market scrutiny.
Atkins, a former SEC commissioner who served from 2002 to 2008, was confirmed in a 52-44 vote that largely followed party lines. With the Senate majority held by Republicans, the confirmation secures the Trump administration’s latest move to reshape financial oversight during a time of pronounced federal cost-cutting and agency downsizing.
The confirmation places Atkins, a longtime Washington lawyer with ties to the cryptocurrency sector, at the helm of a securities regulator grappling with depleted staffing and internal uncertainty. In the wake of broad federal workforce reductions – over 200,000 jobs cut since President Donald Trump took office on January 20 – the SEC is undergoing a White House-directed restructuring led by the Department of Government Efficiency, known as DOGE.
In remarks during his confirmation hearing, Atkins signaled his willingness to support those efforts. “I would definitely work with DOGE in cost-cutting efforts at the agency,” he told the Senate Banking Committee, reported Reuters.
Republican lawmakers have praised Atkins’ deregulatory philosophy and market credentials. Senator Tim Scott, who chairs the Senate Banking Committee, issued a statement after the vote backing the new chairman’s policy direction.
“Paul Atkins brings a wealth of experience and dedication to safeguarding our capital markets,” Scott said Wednesday. “His tenure will mark a pivotal moment to roll back harmful Biden-era policies, promote capital formation, and enhance opportunities for retail investors. Chairman Atkins will also provide regulatory clarity for digital assets, allowing American innovation to flourish.”
Atkins has stated that he intends to pursue regulation that is “appropriately tailored,” pointing to a narrower interpretation of the agency’s legal mandate.
However, his past approach to enforcement has drawn criticism from some lawmakers. Senator Elizabeth Warren, the committee’s top-ranking Democrat, asked some pointed questions prior to Atkins' confirmation in an open letter, citing what she called “poor policy judgments ahead of the 2008 financial crisis.”
The SEC’s current leadership issued a joint statement welcoming the new chairman. “We welcome Paul Atkins as the next Chairman of the SEC,” read the message from Acting Chairman Mark Uyeda and Commissioners Hester Peirce and Caroline Crenshaw. “A veteran of our Commission, we look forward to him joining with us, along with our dedicated staff, to fulfill our mission on behalf of the investing public.”
Atkins assumes the role amid continued market interest in digital assets and broader discussions around fund structure reform. In financial disclosures, Atkins reported assets jointly held with his spouse valued between $328 million and $589 million.
Industry associations responded positively to the confirmation, pointing to Atkins’ regulatory track record and investor orientation. The Investment Company Institute’s president and CEO, Eric Pan, described Atkins as “a champion for investors and the markets.”
“We hope Chairman Atkins will take swift action on policies recommended by ICI in the interest of 120 million American investors,” Pan said, citing priorities including ETF-mutual fund share class flexibility and enhanced access to private market strategies.
The Insured Retirement Institute also issued its congratulations, framing Atkins’ leadership as a potential inflection point for industry regulation.
“We look forward to working with him and the Commission to ensure continued, strong consumer protection within a regulatory framework that fosters innovation,” said Wayne Chopus, IRI’s president and CEO. He also urged the agency to reconsider several proposals put forward under former president Joe Biden, which the group argues could negatively impact consumer access and increase compliance burdens for financial firms.
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