Ah, dear reader! Gather ’round as we delve into the curious case of Paul Atkins, a man who might just be on the brink of becoming the new crypto-friendly chair of the US Securities and Exchange Commission! A Senate committee hearing is reportedly in the works for March 27, but will it be a grand affair or a mere farce? 🎭
Our protagonist, President Donald Trump, nominated Atkins on the fateful day of December 4. However, lo and behold! His marriage into a family of billionaires has caused quite the ruckus with financial disclosures, delaying his grand entrance into the SEC. One can only imagine the paperwork! 📜
Now, the White House’s ability to produce these elusive documents remains shrouded in mystery. Senate Banking, House, and Urban Affairs Chair Tim Scott is reportedly eyeing March 27 for a hearing to review Atkins’ standing, as noted by Semafor’s Eleanor Mueller in a post that surely made waves on the X platform. 🌊
“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.”
But wait! Before our hero can claim his throne, he must first endure the Senate’s vote at a later date. And as if that weren’t enough, Mueller has also revealed that a bipartisan meeting is set for March 21 to discuss Atkins’ nomination. What a delightful political circus! 🎪
In a previous report from March 3, it was revealed that financial disclosures had held Atkins back from scheduling a Senate hearing. His wife’s family, tied to TAMKO Building Products LLC—a manufacturer of roofing shingles that raked in a staggering $1.2 billion in revenue in 2023—adds a layer of intrigue to this tale. 💰
“It’s a lot to go through,” one former Senate Banking Committee staffer reportedly told Mueller, perhaps while sipping a cup of tea. ☕
“But he got named so early on, so I think that’s why people are starting to be like, ‘What the hell’s taking so long?’”
Atkins, a seasoned player in this game, previously served as an SEC commissioner from 2002 to 2008 and was a corporate lawyer at Davis Polk & Wardwell LLP in New York. He is expected to bring a more collaborative approach to the crypto arena than the previous chair, Gary Gensler. How refreshing! 🌿
It has been nearly four months since Trump chose Atkins to lead the SEC, and over two months since the grand inauguration on January 20. A late start for an SEC chair? Oh, how scandalous! 😱
The last two SEC chairs, Gary Gensler and Jay Clayton, began their tenures on April 17, 2021, and May 4, 2017, respectively—months after the presidential transitions. A pattern, perhaps? 🔍
Meanwhile, Mark Uyeda has been holding the fort as the SEC’s acting chair since Gensler’s departure on January 20. Under his watch, the SEC has established a Crypto Task Force led by the ever-astute Commissioner Hester Peirce and has even canceled a controversial rule regarding crypto liabilities. What a twist! 🔄
In a shocking turn of events, the SEC has also dropped several investigations and lawsuits against notable players like Coinbase, Consensys, Robinhood, Gemini, Uniswap, and OpenSea. The winds of change are blowing! 🌬️
And now, Uyeda hints at abandoning a rule that requires crypto firms to register as exchanges, and may even scrap the Biden administration’s proposed crypto custody rules. What a delightful mess! 🍿
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2025-03-18 03:17