Senate Shenanigans: Why We’re All Still Waiting for Atkins

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Ah, the Senate Banking Committee—where time moves slower than molasses in January. It appears they’ve decided to hit the snooze button on the vote that could have seen Paul Atkins ascend to the lofty throne of the U.S. Securities and Exchange Commission. One can only imagine the riveting conversations occurring in those hallowed halls.

Our gallant journalist, Eleanor Terrett of the Crypto in America podcast fame, took to X (formerly Twitter, naturally, because rebranding is all the rage these days) to announce this latest bout of political procrastination. It seems a Senate aide’s whisper confirmed that today was not the day for glory, nor for voting on Atkins or the other nominees, as is “absolutely typical.” Who could have guessed? 😂

A Senate aide tells me there will be no committee vote today on Atkins or other nominees, as is typical practice. Nominees will be required to answer questions submitted for the record ahead of a markup vote. The vote will come at a later date, TBD.

— Eleanor Terrett (@EleanorTerrett) March 27, 2025

Atkins’ Nomination and the SEC’s Shifting Stance

Now, let’s not forget our protagonist in this tale, Mr. Atkins—the handpicked successor to the great Gary Gensler, bane of crypto enthusiasts everywhere. On this momentous day of March 27, he sat before the Senate Banking Committee, likely wondering if he’d made the right career choices.

Meanwhile, confirmation was also sought for Jonathan Gould, who is aiming to lead the Office of the Comptroller of Currency. Because what’s better than more bureaucratic oversight, right?

As for Gensler, his tenure will mostly be remembered with scoffs and sneers, especially from the crypto crowd who felt the sting of his regulatory whip. Under his watch, the SEC took the ‘sue first, ask questions later’ approach, which left many a crypto company quaking in their digital boots. Yet, in an unprecedented turn of events, cryptocurrencies dared to rally once word of his departure got out. Who knew they could have such a good sense of timing? 🤷‍♂️

In addressing the Banking Committee, Atkins pledged to lead the SEC with a fresh perspective—one that would espouse “regulatory clarity”. How imaginative!

“A top priority of my chairmanship will be to work with my fellow commissioners and Congress to provide a firm regulatory foundation for digital assets through a rational, coherent, and principled approach,” he stated, carefully avoiding the word ‘fun’ in his prepared testimony.

So, while the vote may be delayed, one can almost hear the collective sigh of the crypto ecosystem—it’s reportedly just a matter of ‘when, not if,’ regarding his confirmation. And until then, interim chair Mark Uyeda continues to steer the SEC, much to the relief of those still holding their breath on this roller-coaster ride of regulation.

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2025-03-27 21:45