After facing the Senate Banking Committee in a nomination hearing a few days ago, Paul Atkins has finally received the much-needed approval. Markedly, Jonathan Gould was also approved to run the Office of the Comptroller of the Currency. Crypto Regulation to Take Shape With Senate Approval On April 3, the panel members boldly decided to advance Atkins’ confirmation to run the US Securities and Exchange Commission (SEC) after Gary Gensler. The confirmation of Atkins and Gould, which was only possible after each member cast their votes, marks a notable advancement for the crypto industry. With this new development, both nominations can move to the overall Senate. Once they get this approval, both entities will work in their different offices focused on crypto regulation. Obstacles on Atkins’s Path to Becoming SEC Chair Some challenges have slowed down Atkins’ path to becoming the US Chair. Some financial disclosure hurdles relate to his marriage to a billionaire family. It turns out that Atkins’ wife is related to some people who have close connections to TAMKO Building Products LLC. For more perspective, TAMKO is a roofing manufacturer that allegedly generated about $1.2 billion in revenue in 2023. This event has contributed to delaying his Senate review. More recently, the Senate Banking Committee’s Elizabeth Warren interrogated him about his ties with the bankrupt crypto exchange FTX. Six years ago, Atkins founded Patomak Global Partners, and some sources linked the firm to FTX. On this premise, Warren implied that Atkins would be “in a prime spot.” Mark Uyeda Holds the Fortè For Paul Atkins While Atkins waited for his approval and confirmation to lead the top US regulatory agency, Mark Uyeda has taken the SEC to greater heights. He was appointed the interim Chair of the US SEC, pending when the position is filed permanently. Uyeda was one of those who consistently criticized the SEC’s previous approach to cryptocurrency. He never failed to promote the need for a leadership change, citing that it could usher in much-needed regulatory clarity for the digital asset industry. As acting SEC Chair, he supported a motion to retract a previous controversial proposal that would have forced certain crypto firms to register as exchanges. “In light of the significant negative public comment received on the definition of exchange with respect to crypto, I have asked SEC staff for options on abandoning that part of the proposal,” he stated. The post Paul Atkins Bags SEC Chair Nomination Approval From Senate Banking Committee appeared first on TheCoinrise.com .
