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Why Hasn't the New Crypto-Friendly SEC Chairman Taken Office Yet After Gary Gensler? Is There a Problem? Here's the Truth
Cryptocurrency journalist Eleanor Terrett provided information about the delay in the approval of the (SEC)'s newly appointed cryptocurrency-friendly Chairman Paul Atkins by the U.S. Securities and Exchange Commission.
Despite being nominated, Atkins has not yet taken office, which has raised questions from the crypto community.
According to Terrett, the delay is due to the Senate's approval process, which prioritizes cabinet members over other key positions. Currently, nine cabinet members are still awaiting approval, further delaying Atkins' confirmation hearing.
Atkins' nomination will have to come before the Senate Banking Committee for full Senate confirmation. Although a hearing date has not yet been set, approval is expected to proceed without major obstacles.
For reference, past SEC Chairmen have also faced similar delays. The former SEC Chairman Gary Gensler was nominated by President Biden in January 2021 but was not confirmed until April of the same year. Similarly, Jay Clayton, nominated by President Trump in January 2017, did not receive Senate confirmation until May 2017.