Trumps SEC chair pick Paul Atkins faces confirmation delay as Senate awaits key paperwork

The White House has not yet submitted the required paperwork to the Senate.Key Takeaways

• Paul Atkins' SEC chair confirmation is delayed due to pending financial disclosure paperwork despite an upcoming Senate committee hearing.
• The SEC under Mark Uyeda has dropped several investigations and lawsuits against notable crypto companies.

The confirmation of Paul Atkins, Trump‘s pick to chair the US Securities and Exchange Commission (SEC), has been delayed due to pending submission of required paperwork by the White House, according to Semafor’s Congress reporter Eleanor Mueller.

The paperwork includes Atkins‘ financial disclosure, with a particular focus on his marriage into a billionaire family. His wife’s family is linked to TAMKO Building Products LLC, a major manufacturer of residential roofing shingles. Forbes reported the companys revenue at $1.2 billion in 2023.

These family ties result in a complex web of financial holdings that Atkins is required to disclose. The process of thoroughly documenting and vetting these holdings is time-consuming, hence the delays in his confirmation.

However, it appears that Atkins is still on track for the SEC chair role. The reporter noted that Senate Banking Chair Tim Scott is targeting March 27 for the committee hearing on Atkins nomination.

The Senate Banking Committee is also planning a bipartisan meeting on Atkins nomination this Friday. This meeting likely involves discussions and preparations related to the upcoming hearing.

“No clarity yet on whether the committee has Atkins‘ paperwork in hand, but either way, this is the most momentum we’ve seen so far,” Mueller wrote on X today.

The delayed confirmation is indeed not abnormal. Previous SEC chairs, such as Gary Gensler and Jay Clayton, also experienced confirmation hearings in March.

Gary Genslers first Senate Banking Committee hearing occurred on March 2, 2021, approximately one month after his nomination was received. He was confirmed by the Senate on April 20, 2021.

Trump nominated Atkins to be chair of the SEC on December 4, 2024. The nomination paperwork was formally delivered to the Senate on January 20.

Atkins is seen as a pro-crypto advocate who favors a less aggressive regulatory approach compared to his predecessor, Gensler. He believes in providing clarity and removing regulatory roadblocks to allow the crypto industry to grow in the US.

Crypto ETFs are unlikely to be approved before Atkins confirmation

In a statement earlier this month, Bloomberg ETF analyst James Seyffart said that he would be surprised if any of the queued-up altcoin ETFs were approved before Atkins is confirmed as the new SEC chair.

Seyffart suggested that anything that can be postponed will likely be delayed until Atkins takes office. Also according to him, the SEC has historically used procedural delays to extend decision deadlines, often up to 240 days.

The ETF expert believes that having a new chair in place by May or June could facilitate approvals, but he noted that prompt approval is not guaranteed even after Atkins takes office.

Yet, some significant aspects are positively evolving while the SEC awaits Atkins confirmation.

Mark Uyeda, who has been serving as acting SEC chair since Gary Genslers departure, has established a Crypto Task Force led by Commissioner Hester Peirce and canceled a rule requiring financial firms to record crypto holdings as liabilities.

The agency has also dropped several investigations and lawsuits filed during Genslers tenure against companies including Coinbase, Consensys, Robinhood, Gemini, Uniswap, and OpenSea.