Peirce hints at SEC 'repositioning' under new chairman Paul Atkins

Hester Peirce spoke about Paul Atkins’ potential conflicts of interest with the crypto industry and the direction the U.S. Securities and Exchange Commission (SEC) may take under new leadership.

SEC Commissioner Hester Peirce, who currently leads the agency’s cryptocurrency task force, provided an outlook on what the industry may face after Paul Atkins is sworn in as the regulator’s chair.

Prior to the U.S. Senate confirming Atkins’ nomination to serve as SEC chair, Peirce said in an interview that she welcomes the opportunity to work with the incoming SEC leader again. Peirce served as Atkins’ legal counsel during his first stint as SEC commissioner from 2004 to 2008.

“He cares about economic growth and how the markets we regulate support that growth,” Peirce said. “I would love the opportunity to work with Atkins to try to reposition the agency to take into account all aspects of our mission.”

Atkins, who was appointed by U.S. President Trump, was sworn in on April 21, replacing former chairman Gary Gensler. Many believe the appointment sends a positive signal for the crypto industry. During his confirmation hearing before the Senate Banking Committee, lawmakers questioned Atkins’ ties to the crypto industry, which could pose a conflict of interest in his role helping to regulate digital assets.

“I expect he will continue to abide by the ethical rules,” Peirce said of Atkins. “I worked for him and have great respect for his integrity.”

SEC priorities under new leadership

Atkins, now chairman, joins the SEC as the fourth commissioner, with the agency’s leadership positions typically filled by five members. Gensler and former commissioner Jaime Lizárraga resigned in January. Commissioner Caroline Crenshaw is not expected to leave until 2026, leaving only three Republican commissioners unless Trump nominates a Democrat.

Acting chairman Mark Uyeda, who was appointed by Trump on Jan. 20, still plans to preside over some SEC affairs, including an April 25 roundtable to discuss cryptocurrency custody. Uyeda said on April 21 that he plans to return to his “regular role” as a commissioner, suggesting Atkins could soon take over all duties as chairman.

The leadership shakeup comes as many in the industry look to the SEC, courts and lawmakers to provide clear guidance following Gensler’s departure. Under the former chairman, many accused the SEC of taking a “rulemaking by enforcement” approach to regulating cryptocurrencies, leading to several high-profile lawsuits against companies including Coinbase, Ripple Labs and Binance. The commission has dropped many of its cases since January.

“I think a good direction we’re all trying to find is to provide some clear regulatory guidance around cryptocurrencies,” Peirce said.