U.S. Senator Tim Scott (R-S.C.) voiced his support for Paul Atkins’ nomination to a prominent financial regulatory role in a statement on social media platform X on Jan. 7. Criticizing Securities and Exchange Commission (SEC) Chair Gary Gensler, the lawmaker stated:

Paul Atkins’ extensive experience in financial regulation will be critical to reversing the harm Chair Gary Gensler has done to our capital markets and U.S. economy.

“I look forward to working with my colleagues to quickly consider his nomination,” the senator added.

President-elect Donald Trump has nominated Paul Atkins, a former SEC commissioner and cryptocurrency advocate, to lead the SEC. Atkins, who served from 2002 to 2008, is known for supporting financial innovation and favoring lighter regulation. His nomination indicates a shift in the SEC’s approach to cryptocurrencies, contrasting with outgoing Chair Gary Gensler’s strict enforcement actions. Crypto advocates have welcomed the move, anticipating a more favorable regulatory environment.

A vocal advocate for cryptocurrency, Scott has consistently pushed for policies that foster blockchain development in the U.S. Highlighting his commitment to advancing a regulatory framework that prioritizes innovation, he stated in December 2024:

Crypto has the potential to democratize the financial world. I look forward to working with President Trump, David Sacks, and my colleagues in Congress to develop a regulatory framework for digital assets that encourages innovation here in the United States, not overseas.

Trump has appointed Sacks, a venture capitalist, as the White House’s inaugural AI and cryptocurrency czar, reflecting the administration’s crypto-friendly agenda. The appointment marks a notable shift from outgoing SEC Chair Gary Gensler’s stricter policies, which Sacks has criticized for hindering innovation and pushing progress overseas.

Gensler, who has led the SEC during a period of heightened scrutiny of the crypto sector, remains unpopular within the industry. During the Bitcoin 2024 conference in July, Scott declared: “The Biden administration wants to impose a 30% tax on bitcoin mining. And SEC Chair Gary Gensler has shown hostility to the industry at every turn. We need a regulatory environment that encourages innovation here at home, not overseas.” He also emphasized Bitcoin’s broader societal potential, stating: “Bitcoin is about bringing resources back into the communities that need it most and giving all Americans a chance.” Sacks’ advocacy reflects a push to position the U.S. as a leader in blockchain technology and financial innovation.

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