US SEC Chair Nominee Paul Atkins To Prioritize Regulatory Clarity For Crypto Industry

US SEC Chair nominee Paul Atkins has revealed his intention to prioritize providing regulatory clarity for the crypto industry. This came following Atkins’ nomination hearing before the US Senate Banking Committee.

Paul Atkins To Prioritize Regulatory Clarity For Crypto Industry

During his Senate Banking Committee nomination hearing, Paul Atkins stated that a top priority of his chairmanship will be to work with his fellow commissioners and Congress to provide a “firm regulatory foundation for digital assets through a rational, coherent, and principled approach.

This comes just as CoinGape reported that the US SEC plans to shift its focus from crypto enforcement actions to traditional cases. Under past Chair Gary Gensler, the Commission adopted the regulation by enforcement approach instead of providing clarity for the industry.

However, Atkins is looking to change that, with his mission already aligning with the moves the agency, under Acting Chair Mark Uyeda, has made so far to create a regulatory-friendly environment for the industry.

During the hearing, Committee Chairman Tim Scott alluded to the backlash that the SEC faced under Gensler. Paul Atkins admitted that all prior issues were disturbing and committed to working on boosting the agency’s image. He added that he wants to go back to the basics and ensure that the Commission works in line with its mission.

Atkins Crypto Holdings Revealed

Coingape recently reported that Paul Atkins holds almost $6 million in crypto investments, according to a disclosure released on Tuesday. Between $250,000 and $500,000 is equity in crypto custodian Anchorage Digital.

Meanwhile, the US SEC Chair nominee previously held a board position at the BlackRock-backed tokenization firm and had nearly $250,000 to $500,000 in call options. $1 million to $5 million of these investments came from stakes in Off the Chain Capital, where he is a limited partner.

It is unclear if Paul Atkins will offload these crypto investments if the US Senate confirms him as the next US SEC Chair. However, Senator Elizabeth Warren described his financial conflicts of interest as “breathtaking.”