Senators on the Senate Banking Committee sharply divided over the future direction of the U.S. Securities and Exchange Commission (SEC) during the March 27, 2025 confirmation hearing for Paul Atkins, clashing over ethical standards, regulatory enforcement, and missteps under former Chair Gary Gensler.

Quotes that support claims

Atkins criticized aspects of former SEC Chair Gary Gensler’s tenure, highlighting concerns over federal courts overturning rulemaking initiatives, increased staff attrition, and controversial enforcement actions against cryptocurrency firms.

Senate Banking Committee Chair Tim Scott, R-S.C., asked Atkins about how the agency could recuperate from losses the senator described as involving court cases such as Debt Box — a case... [that] resulted in the SEC paying $1.8 million in fines.