David Edwards
The selection of Paul Atkins as the Chair of the U.S. Securities and Exchange Commission has been praised by Michael Saylor, Executive Chairman of the business intelligence firm Strategy (previously MicroStrategy), who described the action as advantageous for Bitcoin. In an April 23 social media post, Saylor stated that “SEC Chairman Paul Atkins will be good for Bitcoin,” signaling optimism from one of the corporate sector’s most prominent cryptocurrency advocates.
On April 21, Atkins took the oath of office as the 34th SEC Chair after being nominated by President Donald Trump. His appointment has generated a lot of conversation in the regulatory and financial communities, especially among bitcoin stakeholders who are hoping for a change in the agency’s stance on digital assets.
Industry Applauds Policy Change
In a Bloomberg interview, Blue Macellari, Head of Digital Assets at T. Rowe Price, noted the SEC’s increasing involvement with the cryptocurrency sector under Atkins, including a number of roundtables with industry experts, and voiced cautious optimism. “I think that’s going to feed into the ability to make thoughtful and considerate policies,” she said.
Kronos Research Chief Investment Officer Vincent Liu anticipates that Atkins’ leadership will hasten the completion of custody rules for digital assets—important steps that might open the door to wider institutional usage. Liu also highlighted the need for regulatory clarity on whether certain digital assets qualify as securities or commodities, stating that “these two moves will help establish clear custody standards and bring much-needed clarity paving the way for the next wave of crypto product innovation.”
Divergent Responses and Debate
Atkins’ selection has drawn criticism despite the support of prominent figures in the crypto business. During his previous service as SEC (2002–2008), which encompassed the time leading up to the 2008 financial crisis, Massachusetts Senator Elizabeth Warren questioned his judgment. She also brought up his connections to the now-defunct cryptocurrency exchange FTX, which was advised by his consultancy firm, Patomak Global Partners, before it crashed in 2022.
Warren expressed additional worries with Atkins’ substantial assets, which were revealed in a pre-confirmation ethics form and reportedly totaled over $327 million. “Your clients pay you north of $1,200 an hour for advice on how to influence regulators like the SEC,” she remarked during the Senate hearing. “If confirmed, you will be in a prime spot to deliver for all those clients.”
Liu responded by emphasizing the value of openness and moral protections, demanding thorough disclosures of prior business partnerships and open discussion periods for any regulatory changes pertaining to cryptocurrencies.
