Atkins, who sat on the SEC from 2002 until 2008, lamented the current regulatory ambiguity. He emphasized that new rules that would be effective, fair, and within the SEC’s authority were necessary. His cause is to steer the agency back to its core mandates—protecing investors, enjoying fair markets, and encouraging capital growth.
Senator Tim Scott, chairman of the Banking Committee, praised Atkins as a turnaround leader who would reverse what he termed “harmful” Biden administration policies. However, not all lawmakers are convinced.
Senator Elizabeth Warren raised concerns over Atkins’ financial ties to crypto. Before the hearing, he disclosed holdings of up to $6 million in crypto-related assets. Warren urged him to recuse himself from decisions linked to his past clients and avoid industry lobbying after his tenure.
The Senate Banking Committee has yet to schedule a vote on Atkins’ confirmation. If approved, he will replace Gary Gensler as SEC chair. Until then, Mark Uyeda remains acting chair.