Senate Banking Committee Chairman Tim Scott expressed his belief that President-elect Donald Trump's nominee for the Securities and Exchange Commission (SEC) Chair, Paul Atkins, will positively impact U.S. capital markets and the cryptocurrency ecosystem. Scott shared this statement in a press release dated January 7.
"Throughout his career, Paul Atkins has championed policies that promote capital formation and job creation, and his extensive experience in financial regulation will be critical to reversing the harm Gary Gensler has done to our capital markets," said Scott. "Commissioner Atkins also understands the importance of regulatory clarity for the digital assets industry and the millions of Americans who want access to this asset class. I look forward to working with my colleagues to quickly consider his nomination."
On December 4, Trump announced his nomination of Atkins to serve as the next chairman of the SEC. According to a post on Truth Social, Trump said that Atkins "believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World." Trump also noted that Atkins recognizes the importance of digital assets and "other innovations."
Atkins is currently serving as CEO of Patomak Global Partners, LLC, a financial services consultancy he founded in 2009. The Federalist Society reports that he has been co-chairing the Token Alliance since 2017, an initiative by the Chamber of Digital Commerce aimed at developing best practices for digital asset platforms. Previously, Atkins served as an SEC commissioner from 2002 to 2008.
A report from Social Capital Markets indicated a significant increase in SEC fines against the crypto industry, rising from $150.26 million in 2023 to $4.68 billion in 2024—a 3018% increase—as reported by Federal Newswire. Despite these penalties, industry participants argue there remains a lack of regulatory clarity within the crypto ecosystem. SEC Commissioner Mark Uyeda commented on this issue: "I think our policies and our approach over the last several years have been just really a disaster for the whole industry," adding that there is a need for clear guidance on what falls within and outside securities laws.
Scott has represented South Carolina in the U.S. Senate since 2013 after serving one term in the U.S. House of Representatives.
