Paul Atkins Confirmed as New SEC Chair, Pushing for Crypto-Friendly Regulations

Paul Atkins, a former SEC commissioner and co-chair of the Token Alliance, has been officially confirmed as the new chair of the US Securities and Exchange Commission (SEC) following a 52-44 Senate vote. This confirmation, which took place on April 9, comes after President Donald Trump nominated Atkins late last year. Atkins previously served as a commissioner from 2002 to 2008 during the global financial crisis and is expected to bring a pro-crypto shift to the agency.

Atkins' confirmation coincides with a broader push to modernize outdated US securities laws, which was a key topic during a House Committee hearing. The hearing emphasized the need for clear, crypto-specific regulations. Legal experts and industry leaders highlighted the challenges posed by the current regulatory framework, which is seen as fundamentally incompatible with the realities of the crypto industry.

Rodrigo Seira, special counsel at Cooley LLP, testified that despite claims that crypto projects can register with the SEC, the experience of numerous companies suggests otherwise. Seira explained that no crypto project has successfully navigated the SEC’s registration process without falling into prolonged legal uncertainty or collapsing under regulatory burdens.

The hearing, titled “American Innovation and the Future of Digital Assets: Aligning the US Securities Laws for the Digital Age,” included testimony from various industry leaders and legal experts. The discussion centered on the need to modernize regulations to boost innovation without compromising investor protections.

Representative Bryan Steil, chair of the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence, acknowledged that many regulatory barriers were established under the previous administration. He stated that the current administration is working to reform these laws through new legislation. One such measure, the STABLE Act, aims to regulate US dollar-pegged stablecoins. In the Senate, the GENIUS Act is also moving forward with its focus on reserve requirements and anti-money laundering compliance for stablecoin issuers.

Atkins' confirmation was delayed due to the need to file several financial disclosures. These filings were prompted by his marriage into a billionaire family linked to TAMKO Building Products LLC, which saw over $1.2 billion in revenue in 2023. Atkins and his wife, Sarah Humphreys Atkins, have a combined net worth of more than $327 million. His disclosures also revealed personal holdings of up to $6 million in crypto-related investments, including stakes in Anchorage Digital and Securitize, which are both key players in the digital asset ecosystem.

Atkins will replace Mark Uyeda, who served as acting chair since January 20 after the resignation of former chair Gary Gensler. Under Gensler, the SEC pursued many aggressive enforcement actions against crypto firms. In contrast, the Trump administration has taken a much friendlier stance on digital assets, even creating a Crypto Task Force and dropping several of the Gensler-era investigations.

Senate Banking Committee Chairman Tim Scott is confident in Atkins' ability to support innovation while providing regulatory clarity. At a Senate confirmation hearing in March, Atkins said that one of his top priorities will be to establish a coherent and principled regulatory framework for digital assets.

Meanwhile, Thailand is also tightening its oversight of digital assets with stricter anti-crime measures targeting foreign platforms and scam-related activities. On April 8, the country’s cabinet passed a resolution endorsing changes to its emergency decrees on digital asset businesses and cybercrime prevention. These amendments aim to curb the use of digital assets in illicit activities by implementing tighter regulations and penalties.

Under the new measures, crypto asset service providers will be required to monitor and report transactions linked to online scams, and suspend suspicious accounts. A key focus is on cracking down on so-called mule accounts that are used in scams. Violators are facing penalties of up to $8,700 and three years in prison. The amendments also grant authorities the power to block foreign crypto service providers from operating in Thailand, which is intended to mitigate some of the risks tied to money laundering and unregulated platforms.

Despite these regulatory crackdowns, Thailand continues to show interest in fostering controlled crypto adoption. Trials for crypto payments have been launched in select cities, and regulators are exploring the possibility of approving crypto exchange-traded funds.