YEREVAN (CoinChapter.com) —
Paul Atkins, President Donald Trump’s pick for SEC chair, cleared the Senate Banking Committee with a narrow 13–11 vote on April 3. This step moves his SEC nomination to a full floor vote in the Republican-led Senate.
If confirmed, Atkins would replace Gary Gensler and serve through June 2026, then continue for another term ending in 2031. The vote marks a shift in crypto regulation, as Trump pushes to change leadership at the Securities and Exchange Commission (SEC).
Trump had pledged to fire Gensler on “day one” of his new term. Gensler stepped down on January 20, the same day Trump returned to office. Atkins is now positioned to take over as permanent chair.
Senators Clash Over Crypto Regulation Direction
During the committee hearing, Senator Tim Scott said Paul Atkins would bring “much-needed clarity for digital assets.” His comments signaled a desire to change the SEC’s enforcement strategy.
In contrast, Senator Elizabeth Warren opposed Atkins’ SEC nomination. She accused him of supporting figures like Sam Bankman-Fried and Elon Musk, whom she claimed are “trying to destroy” agencies such as the SEC.
Many Democrats were absent during the vote. Warren cast multiple proxy votes. Despite the split, the committee approved Atkins’ nomination, showing a shift in the balance of power.
After Gensler resigned, Mark Uyeda took over as acting SEC chair. Since then, the SEC has dropped multiple lawsuits related to crypto regulation, including cases against firms like Ripple Labs. Ripple’s executives reportedly contributed to Trump’s 2024 campaign. Critics of Gensler accused him of using a “regulation by enforcement” approach without providing clear rules for digital assets.
Democrats have asked Uyeda to preserve all records related to the Trump administration’s ties with World Liberty Financial, a crypto company linked to Trump’s family. They raised concerns about transparency and possible conflicts of interest.
More of Trump’s Financial Nominees Advance
The committee also approved three other Trump nominations. Jonathan Gould advanced as Comptroller of the Currency, Luke Pettit as Assistant Secretary of the Treasury, and Marcus Molinaro as Federal Transit Administrator.
The April 3 executive session reflected strong support for Trump’s broader financial picks. With several Democrats absent, Republicans had enough votes to move the nominations forward.
Each of these roles affects how banks, budgets, and public transportation systems are managed. Their advancement signals a wider shift in regulatory direction under the new administration.
Reports suggest Trump’s “government efficiency” team, including Elon Musk, gained access to SEC systems and internal data. There has been no formal announcement about the scope or duration of this access. Concerns were also raised about possible removals of SEC staff. While no direct firings have been reported, access to internal systems could lead to internal restructuring.