Paul Atkins, the candidate of Donald Trump for chairman of the US Securities and Exchange Commission (SEC), led by the Senate Bank Committee on Thursday.
According to a report from Reuters, the Atkins committee approved a vote of 13-11, where all Democrats opposed the nomination.
Atkins, a former SEC commissioner, is known for its deregulating attitude and ties with the cryptocurrency industry.
The nomination now goes to the senate floor for the final confirmation. If confirmed, Atkins will follow the observation chairman Mark Uyeda, who has led the SEC since January. Atkins has promised to give priority to the clarity of the regulations for digital assets and processes of capital formation.
Critics, including Senator Elizabeth Warren, have expressed concern about the record of Atkins during the 2008 financial crisis and his advisory role with the collapsed crypto exchange FTX.
Despite the opposition, Atkins is expected to secure confirmation in the Senate controlled by the Republicans.
During his nomination hearing for the Senate banking committee on 27 March, Atkins said that he had witnessed how regulations influence markets and investors.
“Since 2017, because I have led the industrial efforts to develop best practices for the digital asset industry, I have seen how ambiguous and non-existent regulations for digital assets create uncertainty in the market and inhibit innovation.”
In order to take on the challenges that result from the absence of clear rules for digital assets, Atkins said that he will work on setting up a Crypto regulatory framework.
“A top priority of my chairmanship will be to collaborate with my colleague commissioners and the congress to offer a solid regulatory basis for digital assets through a rational, coherent and principle approach.”
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