A U.S. Senator has pledged to undo the crypto-related policies of SEC Chair Gary Gensler. The Senator supports a new nominee who is expected to encourage innovation and create a more favorable environment for cryptocurrencies.
Senator Tim Scott’s Support for Paul Atkins Senator Tim Scott (R-S.C.) announced his support for Paul Atkins, who has been nominated for a significant financial regulatory role. On January 7, he shared his criticism of Gary Gensler’s leadership on social media, emphasizing that Atkins’ experience in financial regulation is crucial to repairing the damage done by Gensler to U.S. capital markets and the economy.

In his words, “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”
President-elect Donald Trump on his part nominated Paul Atkins, a former SEC commissioner and crypto advocate, to lead the SEC. Atkins, known for supporting innovation and lighter regulations, represents a shift in policy direction.
Unlike Gensler’s strict approach to cryptocurrencies, Atkins is expected to take a more industry-friendly stance, which has been welcomed by crypto enthusiasts. Gensler led the SEC during a time of increased regulatory scrutiny of the cryptocurrency sector. His policies have been unpopular in the industry.
Now, Senator Scott has long supported policies that promote blockchain development in the U.S. In December 2024, he expressed his belief that cryptocurrency can democratize finance and stated his intention to work with Trump and Congress to create a regulatory framework that fosters innovation within the country.
At the Bitcoin 2024 conference, Senator Scott criticized the Biden administration’s 30% tax proposal on Bitcoin mining and Gensler’s hostility toward crypto and also emphasized the need for regulations that foster innovation in the U.S. instead of driving it overseas.
He also highlighted Bitcoin’s ability to benefit communities in need and provide financial opportunities for all Americans.
What You Should Know
Donald Trump has appointed David Sacks, a venture capitalist, to be the White House’s first AI and cryptocurrency czar. This appointment aligns with the administration’s pro-crypto agenda, signalling a departure from Gary Gensler’s stricter policies.
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