Paul Atkins Officially Sworn In As SEC Chair, Indicates Transition To Crypto-Friendly Strategy

On Monday, Paul Atkins took his oath as the 34th Chairman of the US Securities and Trading platform Commission (SEC), indicating a major transition towards a more accommodating stance on crypto asset compliance.

Atkins’ selection marks a shift from the proactive enforcement tactics of former Chair Gary Gensler regarding digital asset companies. In his initial comments, Atkins reasserted the SEC’s goal to foster capital growth, maintain equitable markets, and safeguard investors.

He highlighted the importance of established and uniform regulations, noting that his experiences in both public service and private sectors reveal how regulatory ambiguity can hinder innovation.

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Atkins Set to Depart Patomak After SEC Appointment and Crypto Focus

Atkins, the founder of Patomak Global Partners since 2009 aimed at developing digital asset standards, has committed to resigning from the firm within 90 days. His nomination was narrowly approved with 52 Republican votes supporting it and 44 Democratic votes against it.

Senator Elizabeth Warren had previously urged Atkins to reveal Patomak’s consultancy work with crypto firms, including connections to the now-defunct FTX trading network.

During his Senate confirmation, Atkins criticized earlier regulatory strategies as excessively complicated and politicized. He vowed to guide the SEC with a framework he described as “logical and principled,” focused on encouraging innovation instead of obstructing it.

Atkins succeeds Gensler, whose time in office saw a plethora of lawsuits against crypto asset firms for supposed securities violations.

Following Gensler’s exit, acting Chair Mark Uyeda and Commissioner Hester Peirce have already sought to dismiss many of these lawsuits and relaxed oversight on areas such as meme coins and crypto mining.

Atkins, renowned for his solid Wall Street affiliations, disclosed financial investments of up to $5 million in the digital asset firm Off the Chain Capital LLC. With a total net worth nearing $327 million, Atkins becomes one of the most affluent SEC chairs in contemporary history.

As the SEC shifts under Atkins’ direction, it confronts a backlog of over 70 crypto-related ETF applications for assets like Solana, XRP, Dogecoin, and MELANIA. Bloomberg analyst Eric Balchunas encapsulated the mood on X, stating, “Gonna be a wild year.”

https://twitter.com/EricBalchunas/status/1914336419314643103

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SEC Modifies Crypto Enforcement Approach

In the past month, the SEC officially concluded its inquiry into the Australian crypto gaming firm Immutable, closing a significant chapter in the company’s regulatory journey.

The SEC’s decision to terminate the Immutable case reflects a larger shift in its crypto enforcement policy. Recently, the agency has also abandoned probes into other prominent crypto firms such as OpenSea, Uniswap, Robinhood, and Gemini.

To foster regulatory clarity, the SEC has initiated a crypto-centric task force led by Commissioner Hester Peirce.

Meanwhile, Ripple is approaching the conclusion of its own legal confrontation with the SEC. A March 26 update confirmed Ripple will not launch a counter-appeal after the SEC agreed to retract its appeal earlier this month.

The firm will incur a reduced penalty of $50 million, diminished from the originally proposed $125 million.

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