Crypto advocate Paul Atkins officially sworn in as SEC chairman

The U.S. Securities and Exchange Commission announced Monday that Paul Atkins was officially sworn into office as the 34th chair of the commission.

Atkins, who is a long-time supporter of crypto, was nominated by President Donald Trump on Jan. 20, and confirmed by the Senate earlier this month.

"As I return to the SEC, I am pleased to join with my fellow Commissioners and the agency’s dedicated professionals to advance its mission to facilitate capital formation; maintain fair, orderly, and efficient markets; and protect investors," Atkins said.

The new SEC chairman is expected to spearhead efforts at the commission to establish clear and agreeable regulations around crypto.

In prepared testimony during a Senate Banking Committee hearing last month, Atkins said he would make creating a regulatory framework for digital assets a "top priority." This direction contrasts with the "regulation by enforcement" approach taken by former Chair Gary Gensler.

Since Gensler's January departure, the SEC rescinded controversial crypto accounting guidance, dropped enforcement actions against major industry players, and established a crypto task force.

The task force, led by Commissioner Hester Peirce, is inviting experts to participate in open discussions on various regulatory issues in crypto, and is also working to provide clarity on what cryptocurrencies are not financial securities.

Meanwhile, Atkins was appointed by former President George W. Bush as an SEC commissioner from 2002 to 2008. After his first tenure at the SEC, Atkins founded consulting firm Patomak Global Partners in 2009, with clients including banks, crypto exchanges and DeFi platforms.