The U.S. Senate has officially confirmed Paul Atkins – a crypto-friendly figure – as the new Chairman of the Securities and Exchange Commission (SEC), replacing Gary Gensler. With a commitment to building a "solid regulatory foundation" for crypto, can Atkins lead the cryptocurrency industry in the U.S. into a new era? Let's analyze in detail.
Paul Atkins Confirmed as SEC Chairman
On the evening of Wednesday (April 9, 2025), the U.S. Senate voted to confirm Paul Atkins as the Chairman #SEC with a result of 52 votes in favor (from Republican senators) and 44 votes against (from Democratic senators), reflecting partisan divisions. Atkins, who was nominated by President Trump, will replace Gary Gensler – the former SEC Chairman under the Biden administration, who created controversy in the crypto industry with a series of lawsuits and investigations targeting major companies such as Binance, Coinbase, and Kraken for alleged securities law violations.
Atkins is not a new face at the SEC. He was an SEC Commissioner under President George W. Bush (2002-2008) and is known for his pro-financial innovation stance. In a recent hearing, Atkins emphasized that one of his top priorities is to "provide a solid regulatory foundation for digital assets through a reasonable, coherent, and principled approach." This is in stark contrast to Gensler's hardline approach, which has been criticized by the crypto community for his "war" on the industry (Gensler has sued almost every major company, according to information from the web).
Atkins: The “Friend” of Crypto with Personal Investments in the Industry
#Atkins not only supports crypto on policy grounds but also has direct financial ties to the industry. According to ethics filings, he owns stakes worth up to $5 million in a crypto investment firm, where he is a limited partner. As of February 2025, Atkins holds between $250,000 and $500,000 in stakes in Anchorage Digital – a crypto custodian – and a similar amount in call options in Securitize, a blockchain company backed by BlackRock, where he was once a board member. These investments indicate that Atkins has a deep understanding and personal interest in the crypto industry, which may influence his decisions at the SEC.
SEC is Shifting Towards a Crypto-Friendly Direction
Even before Atkins took office, the SEC had been taking proactive steps towards the crypto industry under the leadership of two Republican commissioners: Acting Chairman Mark Uyeda and Commissioner Hester Peirce (often referred to as “Crypto Mom” for her pro-crypto stance). Uyeda and Peirce have:
Dismiss most major lawsuits against crypto companies, including those initiated by Gensler.
Issuing statements exempting memecoins, coin mining, and stablecoins from securities regulations, a move welcomed by the crypto community (according to an article about OpenSea, the SEC had previously investigated NFT platforms as securities).
Currently, the SEC only has three commissioners – Uyeda, Peirce, and Caroline Crenshaw (Democrat) – instead of the usual five. Crenshaw, who supports Gensler's crypto lawsuits, faced strong opposition from the crypto industry when nominated for reappointment in December 2024, leading to the Democrats abandoning their plan to reappoint her. According to SEC regulations, no more than three commissioners from the same party are allowed to serve simultaneously to ensure non-partisanship. Normally, Trump would appoint two Democratic commissioners to fill the vacancies, but he has shown a "break the norm" attitude by firing two Democratic members of the Federal Trade Commission (FTC) and one member of the National Labor Relations Board (NLRB) last month.
Trump and Legal Challenges with the SEC
Trump's actions raise questions about the independence of agencies like the SEC. A Supreme Court ruling from the 1930s protects members of independent agencies from being fired without just cause. However, experts suggest that Trump may be seeking to overturn this precedent through the current Supreme Court, which has a majority of conservative justices. Several related lawsuits have been filed, and if Trump succeeds, he could replace commissioners who do not share his views, enabling Atkins to promote crypto-friendly policies without obstruction.
Impact on the Crypto Market
Increasing confidence: Atkins' taking office and recent actions by the SEC (dismissal of lawsuits, exemptions for memecoins and stablecoins) are positive signals that could restore investor confidence after a difficult period (crypto market capitalization fell 11.65% to $2.88 trillion in Q1 2025, according to previous information).
Boosting prices: The price of Bitcoin ($77,600, down 2.5% in the past 24 hours) and Ethereum ($1,675, up 14% thanks to Trump pausing tariffs, according to a previous article) could benefit from the SEC's more open policy under Atkins.
Opportunity for altcoins: With ETF funds for Solana, XRP, and Dogecoin awaiting approval (according to an article about Ethereum ETF), Atkins could facilitate the growth of altcoins, expanding investment opportunities.
Challenges and Opportunities
Despite being friendly towards crypto, Atkins will face significant challenges. The crypto industry still has many unresolved legal issues, such as stablecoin regulations (Coinbase calls for more flexible policies, according to information from the web) and the risk of market manipulation (Chainalysis reported $12.4 billion in crypto scams in 2024, according to a previous article). Additionally, partisan divisions in the Senate and legal lawsuits could slow down Atkins' reform efforts.
However, with experience at the SEC and support from Trump – who once committed to “all remaining Bitcoin being mined in the USA” – Atkins has the opportunity to reshape how the SEC regulates crypto, creating a more favorable environment for the industry. If successful, he could help crypto in the United States enter a new phase of development, attracting institutional capital (estimated at $5.2 trillion over the next 5 years, according to BCG).
Conclusion: Atkins – The “Savior” of Crypto in the United States?
Paul Atkins' confirmation as SEC Chairman marks a turning point for the crypto industry in the United States. With a friendly outlook, extensive experience, and support from Trump, Atkins promises to bring a "solid regulatory foundation" for digital assets, in contrast to Gary Gensler's hardline approach. Despite facing many challenges, from legal to political, Atkins has the opportunity to reshape the future of crypto in the United States. Can he become the “savior” that the crypto industry has been waiting for? The answer will gradually become clear in the coming months as Atkins officially begins his term.
Risk Warning: Crypto investments carry high risks due to price volatility and legal uncertainties. Please consider carefully before participating.