Key Takeaways
- Paul Atkins’ SEC chair confirmation is delayed because the White House has yet to deliver the required paperwork to the Senate.
- There’s an upcoming Senate committee hearing that should examine the paperwork mainly related to financial disclosure.
- Under acting chair Mark Uyeda, the SEC dropped several investigations and lawsuits against notable crypto companies.
The confirmation of Paul Atkins, US President Donald Trump’s nominee to the US Securities and Exchange Commission (SEC), is facing an unprecedented delay due to the White House’s failure to submit the required paperwork.
Paperwork Includes Atkins’ Financial Disclosure
According to reports from people familiar with the process, the White House hasn’t produced the paperwork needed for the Senate to schedule his confirmation hearing. The sources revealed that the paperwork includes the candidate’s financial disclosure, particularly his marriage to a billionaire family. According to a recent Forbes report, Paul Atkins’ in-laws are linked to TAMKO Building Products LLC, a major manufacturer of residential roofing shingles with over $1.2 billion in revenue in 2023. Congress reporter Eleanor Mueller said on X:
“No clarity yet on whether the committee has Atkins’ paperwork in hand, but this is the most momentum we’ve seen so far.”
A Time-consuming Exercise
According to a former Senate Banking Committee staffer, Pau l Atkins’ family ties are likely to be a heavy lift that could lead to a complex web of financial holdings with thorough documenting and vetting of the holdings expected to be a time-consuming exercise, further delaying the confirmation. The source said:
“It’s a lot to go through […], but he got named so early on, so I think that’s why people are starting to be like, ‘What the hell’s taking so long?'”
The delayed confirmation for Paul Atkins isn’t abnormal because it has affected previous SEC chairs, including Jay Clayton and Gary Gensler, who also experienced their confirmation hearings in March. For Gensler, the first Senate Banking Committee hearing took place on March 2, 2021, with his confirmation finally happening on April 20, 2021.
Atkins More Aligned to Crypto Space
Donald Trump nominated Paul Atkins to the SEC chair on December 4, 2024, and the nomination paperwork was formally delivered to the Senate on January 20, 2025. Observers see Atkins as more aligned with the crypto space and preferring a less aggressive approach than his predecessor, Gary Gensler.
Atkins believes in offering regulatory clarity and eliminating roadblocks to allow the crypto industry to grow in the US. Mark Uyeda has served as acting SEC chair since Gary Gensler resigned. During his short tenure, Uyeda established a Crypto Task Force led by Commissioner Hester Peirce that made several decisions, including canceling a rule requiring financial firms to record crypto holdings as liabilities. Moreover, the SEC has dropped several high-profile cases against leading crypto companies and personalities.
Conclusion
According to Bloomberg ETF analyst James Seyffart, the delays in confirming Trump’s SEC Chair pick, Paul Atkins, will likely delay many important regulatory decisions that must wait until he takes office. Seyffart observed that the SEC has historically used procedural delays to extend decision deadlines, often up to 240 days. Among the leading casualties of the delays are likely to be many altcoin ETF applications queued up for approval by the new SEC chair. The ETF guru believes that having a new SEC chair before May or June could facilitate timely approval of the altcoin ETF applications.
Frequently Asked Questions (FAQs)
Why is the nomination of Paul Atkins as SEC Chair delayed?
Paul Atkins was nominated for SEC Chairman, but his appointment date has been postponed due to financial disclosure issues related to his marriage.
When is the earliest probable date for his final appointment?
According to Senate Banking Committee Chairman Tim Scott, the committee plans to hold a hearing on March 27 to review Atkins’ qualifications; an announcement on their decision could follow any time after that.
What is the effect of the delay of Paul Atkins’s confirmation as SEC chair?
Atkins’ potential appointment as SEC chair has significant implications for the regulatory environment, particularly cryptocurrency. His pro-crypto stance and focus on deregulation are expected to have a far-reaching impact on the financial industry, meaning that a delay will only hold the process in limbo.
