The U.S. Senate has confirmed Paul Atkins as the new chairman of the Securities and Exchange Commission in a 52-44 vote held on Wednesday, Apr. 9.

Following the confirmation, Atkins has been cleared to lead a regulatory agency currently undergoing major policy changes, according to Reuters. Atkins, a seasoned SEC veteran and outspoken advocate for the crypto industry, was nominated by President Donald Trump to succeed Gary Gensler, who resigned in January following years of conflict with digital asset firms.

Atkins served as a SEC commissioner from 2002 to 2008 under President George W. Bush. Since then, he has led a regulatory consulting firm and advised several financial and crypto startups. He has also co-chaired the Token Alliance, a group promoting blockchain innovation, and even testified in court as an expert witness defending firms sued by the Gensler-led SEC.

Ethics filings show that Atkins and his wife hold between $327 million and $588.8 million in total assets, with about $6 million tied to digital assets. Until recently, he held equity and options in Anchorage Digital and Securitize, two major crypto firms, and a $5 million limited partner stake in the crypto investment fund Off the Chain Capital. Now that he is confirmed, he has agreed to divest from all crypto holdings.

During his Mar. 27 pre-confirmation hearing, Atkins promised to introduce clear rules for digital assets and reduce political interference in regulatory decisions. He criticized past SEC policies under Gensler as vague and overly aggressive, arguing that they slowed innovation and hurt capital formation. “It’s time to return common sense to the SEC,” he told the Senate panel.

The appointment was not without controversy. Senator Elizabeth Warren led the Democratic opposition, citing Atkins’ close ties to the financial industry and his role during the 2008 financial crisis. She warned that putting him in charge of the SEC could weaken investor protections and give too much power to crypto lobbyists.

Industry insiders expect Atkins to shift the agency’s focus away from enforcement and toward creating a more supportive environment for crypto innovation. His confirmation comes after acting chair Mark Uyeda and commissioner Hester Peirce recently scaled back the number of lawsuits against crypto companies and reviewed the agency’s approach to digital assets. 

Atkins’ appointment aligns with the Trump administration’s effort to make the U.S. a global hub for digital assets. With Atkins set to take office soon, many in the industry view this as a sign that blockchain-based financial products will be adopted more widely and that exchange-traded funds approvals will proceed more quickly.