Atkins swore in as US SEC chair
Officially assuming control as the new SEC Chair, Paul Atkins clearly represents pro-business, deregulating leadership under the Trump presidency.
According a statement from the U.S. Securities and Exchange Commission (SEC), Paul Atkins was sworn in on Monday, April 21. Known for his business-friendly approach, former SEC commissioner from 2002 to 2008 Atkins takes over amid a moment of extensive legislative changes.
Following a tight 13-11 vote by the Senate Banking Committee earlier this month, Atkins's confirmation by the entire Senate followed Building on the work of temporary director Mark Uyeda, who had already begun reversing crypto-related cases and stopped attempts to defend climate disclosure standards, he is anticipated to maintain a vigorous deregulating drive.
Chair Tim Scott of the committee earlier commended Atkins for trying to concentrate the SEC on its "core mission," especially by providing clarity for digital assets and pushing capital creation. Atkins's comeback also points to a possible reversal of several initiatives carried out under Gary Gensler's direction, particularly with relation to ESG regulations and crypto monitoring.
Democrats still criticize Atkins, meanwhile, as Senator Elizabeth Warren points to his dubious actions during the 2008 financial crisis and charges him of supporting individuals like former FTX CEO Sam Bankman-Fried in his private consultancy capacity.
The impact of Atkins could soon extend beyond climate policy and cryptocurrencies. He is supposed to lessen the SEC's participation in Financial Accounting Standards Board (FASB) operations and slow down the PCAOB's aggressive regulatory agenda, which grew under Gensler. Many in the auditing field appreciate these developments as they potentially reduce compliance responsibilities.
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