The U.S. Senate Banking Committee has voted to advance the confirmations of President Donald Trump’s picks to run the Securities and Exchange Commission (SEC) and the Office of the Comptroller of the Currency (OCC)—both pivotal roles for the future regulation of the cryptocurrency sector.
The nominations of Paul Atkins to permanently take over the SEC from former Chair Gary Gensler, and Jonathan Gould to lead the OCC, have now progressed to be considered by the full Senate. Approval from the Senate would allow Atkins and Gould to commence their posts at these critical regulatory agencies.
Both nominees advanced through the committee with party-line votes, each tallying 13 in favor and 11 against.
Committee Chairman Tim Scott, a Republican from South Carolina, commended the nominees ahead of the vote, stating, “Paul Atkins, the former SEC commissioner, will promote capital formation and provide much-needed clarity for digital assets.” Furthermore, he lauded Gould, noting that the nominee, who previously served as chief counsel at the OCC, will “put an end to the politically-motivated debanking”—a significant concern within the crypto industry.
On the other side of the aisle, Senator Elizabeth Warren, the committee’s leading Democrat, raised several last-minute critiques of both nominees before ultimately rejecting them. She described Atkins as “dead wrong in the leadup to the worst financial crisis in a generation,” referencing his tenure at the SEC prior to the 2008 global financial crisis. Regarding Gould, she expressed that he “weakened the rules and helped undermine the banking system’s safety and soundness” during his time at the OCC.
Interestingly, the recent confirmation hearing for these nominees did not delve deeply into cryptocurrency issues, despite the significant regulatory responsibilities that both will bear concerning the industry in the future.
For further details, you can read more here: Trump’s Pick to Run SEC Paul Atkins Promises New Crypto Stance, Gets Few Questions
