Key dealers
- Paul Atkin’s Sec -Presidency Confirmation is delayed due to waiting paperwork for financial disclosure despite an upcoming Senate Committee Negotiation.
- Sec under Mark Uyeda has lost several investigations and moods against remarkable crypto companies.
Confirmation of Paul Atkins, Trump’s election that the US Securities and Exchange Commission (SEC), has been delayed due to waiting submission of necessary paperwork by the White House, according to Semafors congress reporter Eleanor Mueller.
The paperwork includes Atkin’s financial disclosure, with a special focus on his marriage to a billionaire family. His wife’s family is linked to Tamko Building Products LLC, a large manufacturer of housing roofs. Forbes reported The company’s revenue to $ 1.2 billion 2023.
These family ties result in a complex web of financial holdings that Atkins must reveal. The process of accurately documenting and knowing these holdings is time -consuming, thus the delays in his confirmation.
However, it seems as if Atkins Is still on the right track for the SEC chair role. The reporter found that the Senate bank chairman Tim Scott is aimed at March 27 for the committee’s negotiation on Atkin’s nomination.
The Senate Bank Committee also plans a two -party meeting on Atkin’s nomination this Friday. This meeting is likely to involve discussions and preparations related to the upcoming hearing.
“No clarity yet about the committee has Atkin’s paperwork in hand, but in any case, this is the most element we have seen so far,” Mueller wrote on X today.
The delayed confirmation is really not abnormal. Former SEC chairs, such as Gary Gensler and Jay Clayton, also experienced confirmation negotiations in March.
Gary Gensler’s first Senate Bank Committee hearing occurred On March 2, 2021, about a month after his nomination was received. He was confirmed by the Senate on April 20, 2021.
Trump nominated Atkins to be chairman of Sec on December 4, 2024. Nomination paper was formally delivered to the Senate on January 20.
Atkins is seen as a pro-crypto advocate that benefits a less aggressive method compared to his predecessor, Gensler. He believes in providing clarity and removing regulatory roadblocks to allow the crypto industry to grow in the United States.
Crypto ETFs are likely not to be approved before Atkin’s confirmation
In a statement earlier this month, Bloomberg ETF analyst James Seyffart said he would be surprised if any of those in line by Altcoin ETFs were approved before Atkins is confirmed as the new Sec-chairman.
Seyffart suggested that everything that can be postponed is likely to be delayed until Atkins takes over. According to him, Sec has historically used procedural delays to extend the decision deadlines, often up to 240 days.
The ETF expert believes that having a new chairman on site in May or June can facilitate approvals, but he noted that rapid approval is not guaranteed even after Atkins takes office.
Nevertheless, some significant aspects are developing positively while SEC is waiting for Atkin’s confirmation.
Mark Uyeda, who has served as acting SEC chairman since Gary Gensler’s departure, has established a crypto work group Led by Commissioner Hester Peirce and canceled a rule that required finance companies to record crypto holdings as liabilities.
The agency has also lost several investigations and moods submitted during Gensler’s term against companies including Coinbase, Consensys, Robinhood, Gemini, Uniswap and Opensea.
