• Former SEC commissioner Paul Atkins has been nominated by Trump to lead the SEC, 
• Atkins’ Senate confirmation hearing has been delayed due to pending financial disclosure paperwork.
• While awaiting confirmation, the SEC has dropped multiple lawsuits against cryptocurrency firms

While President Donald Trump nominated former SEC commissioner Paul Atkins, a known supporter of digital assets, to lead the Securities and Exchange Commission (SEC) as early as December 2024, his confirmation has faced delays. 

The latest development is that Senate Banking Chair Tim Scott is targeting March 27th for a committee hearing on Atkins, potentially bringing the confirmation process closer to a resolution.

Why Has There Been a Delay?

The hold-up in Atkins’ Senate confirmation hearing has primarily been due to outstanding financial disclosure paperwork. 

This administrative hurdle has kept the nomination in limbo for several months, creating uncertainty within the cryptocurrency industry, which anticipates a more favorable regulatory approach under his leadership.

According to a report by Semafor, the Senate Banking Committee, led by Chair Tim Scott, is aiming to hold a hearing on Atkins by March 27th. The committee has been awaiting the necessary paperwork from the White House to proceed.

Related: Burwick Investigates LIBRA Token Launch: Did a “Deceptive” Plan Empty Investors’ Bags?

What Other Steps Are Happening in the Senate This Week?

In addition, Senate Banking is set to hold a bipartisan meeting this Friday to discuss Atkins’ nomination. While it’s unclear if the committee has received his paperwork yet, this marks the most substantial progress we’ve seen regarding his confirmation in recent times.

This prolonged delay has contributed to a slowdown in the SEC’s decision making, particularly concerning cryptocurrency regulations and the approval of crypto ETFs. 

During this interim period, acting SEC Chair Mark Uyeda has signaled a shift towards a more moderate regulatory approach, stressing investor protection, while moving away from the more stringent policies of the previous administration.

SEC’s Changing Stance on Crypto

The SEC has recently dropped several major lawsuits against cryptocurrency companies, including Coinbase, Robinhood, Uniswap, Cumberland, and others. However, the long-running Ripple case remains unresolved. Some experts believe that Atkins may decide to drop even more cases once confirmed.

Cody Carbone, president at The Digital Chamber, suggests that Atkins will likely review all current cases, considering their progress and the resources already invested by the SEC. He may choose to drop cases not directly related to fraud, and instead focus on issuing clearer rules and guidance to address industry issues.

Related: Ripple vs. SEC: Is a Settlement in Sight After Years of Legal Sparring?

Given his experience, Atkins is expected to evaluate each case carefully, deciding whether to continue, settle, or let it play out in court. 

While many expect changes under Atkins’ leadership, decisions won’t happen immediately. It could take time for him to assess all the ongoing cases.