Paul Atkins has officially been sworn in as the 34th chairman of the Securities and Exchange Commission. The ceremony reportedly involved zero subpoenas being issued to crypto companies, marking a dramatic departure from the previous administration.
The April 21 announcement comes nearly two weeks after the Senate confirmed Atkins in a nail-biting 52-44 vote that had crypto Twitter refreshing their feeds like they were watching Bitcoin hit $100K.
"I am honored by the trust and confidence President Trump and the Senate have placed in me," said Atkins, who previously served as an SEC commissioner between 2002 and 2008, back when "crypto" still primarily meant "cryptography" and not "your cousin's get-rich-quick scheme."
Atkins added with a straight face: "Together we will work to ensure that the U.S. is the best and most secure place in the world to invest and do business." Crypto executives everywhere nodded vigorously while quietly canceling their plans to relocate to Singapore.
From Gensler's Hammer to Atkins' Welcome Mat
Atkins is widely expected to transform the SEC from crypto's bogeyman into something more resembling a slightly concerned but ultimately supportive uncle. Former chair Gary Gensler, meanwhile, is presumably updating his LinkedIn profile and considering a new career in blockchain compliance consulting.
The new chairman's confirmation was reportedly delayed due to several financial disclosures required after marrying into a billionaire family. Talk about a solid prenup strategy! Those disclosures reportedly included up to $6 million worth of crypto-related investments, including stakes in Anchorage Digital and Securitize. Nothing says "impartial regulator" quite like having millions riding on the industry you're overseeing!
The Great Crypto Cleanup
Atkins takes over from acting chair Mark Uyeda, who had already begun the SEC's pivot by establishing a Crypto Task Force in January. Unlike previous task forces, this one allegedly aims to build bridges rather than burn them.
In what absolutely nobody is calling a coincidence, the SEC has recently dismissed several crypto enforcement actions initiated during the Gensler era, including cases involving Coinbase, Consensys, Gemini, and Uniswap. Crypto lawyers across America are reportedly experiencing the strange sensation of receiving good news from the SEC.
ETF Avalanche Incoming
The Atkins-led SEC now faces the delightful administrative nightmare of processing over 70 crypto-related ETF applications this year, from the sublime to the ridiculous.
"Everything from XRP, Litecoin and Solana to Penguins, Doge and 2x Melania and everything in between," Bloomberg ETF analyst James Balchunas quipped on X. "Gonna be a wild year." Somewhere, a team of SEC staffers is Googling "What is a 2x Melania token?" and questioning their career choices.
There are now 72 crypto-related ETFs sitting with the SEC awaiting approval to list or list options. Everything from XRP, Litecoin and Solana to Penguins, Doge and 2x Melania and everything in between. Gonna be a wild year. Great roundup from @JSeyff pic.twitter.com/IHTqqxeH35
— Eric Balchunas (@EricBalchunas) April 21, 2025
This flood of applications represents what another Bloomberg analyst described as a "spaghetti cannon approach," with issuers firing off applications for everything imaginable to see what sticks. It's the financial equivalent of throwing everything at the wall and hoping the SEC approves at least one product that doesn't have a dog on it.
As Washington adjusts to the new crypto-curious SEC regime, industry players are cautiously optimistic while keeping their regulatory compliance teams on speed dial—just in case this regulatory honeymoon doesn't last forever.
Iain Taylor
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