By Khody Azmoon, CEO and Co-founder, BLOX Markets

Paul Atkins, nominated by President Donald Trump for U.S. Securities and Exchange Commission (SEC) chair, is expected to have his confirmation hearing on March 27 by the U.S. Senate Banking Committee and the hearing will be streamed live. Atkins, who served as a Republican SEC commissioner from 2002 to 2008, is considered well qualified and recognized for his cautious stance on regulatory expansion. If confirmed without delays, he could take office by April or May.

“Paul is a proven leader for common sense regulations,” Trump said in his Truth Social post. “He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”

Here are some questions that may be on the minds of market participants, with my thoughts.

Any concerns about the hearing scheduling?

Not necessarily. The U.S. financial markets are among the most robust and well-regulated in the world, if not the very best. Therefore, it is crucial that any incoming SEC chair undergoes a thorough vetting process. In the case of Atkins, the delay appears to stem from an extended review of his financial disclosures—arguably a positive sign of due diligence.

Moreover, it has been less than four months since his nomination in early December. For context, former SEC Chair Jay Clayton was nominated on January 4, 2025, and sworn in on May 4, following a similar timeline.

Nevertheless, the SEC remains operational under the leadership of Acting Chair Mark Uyeda, Commissioner Hester Pierce, and Commissioner Caroline Crenshaw. In Atkins’ absence, they have effectively upheld and advanced the SEC’s mission during this transitional period.

What will be his priorities as SEC Chair?

Atkins is expected to build upon the initiatives currently being pursued under Acting SEC Chair Mark Uyeda, who will then resume his role as SEC Commissioner. His policy agenda will likely focus on simplifying the process for domestic companies to go public, aiming to ease regulatory barriers that could discourage initial public offerings. Additionally, he is anticipated to support a more restrained approach to SEC enforcement, potentially marking a departure from the agency’s recent assertive regulatory posture. Furthermore, Atkins is likely to champion regulatory policies that create a more accommodating environment for the growth and integration of cryptocurrency and other digital assets, reflecting a broader effort to modernize market oversight while maintaining investor protections.

What is his stance on Reg NMS?

Atkins has previously expressed skepticism toward Reg NMS Rule 611, indicating that he is generally not a supporter of that rule. According to several equity market structure experts within the securities industry, he may propose an OPR 2% de minimis like rule, which could remove quote protection for US equities exchanges holding less than two percent market share. This change could lower costs for broker-dealers and improve the overall U.S. equities market structure.

What about US equities market data?

Given Atkins’ past prepared remarks below for the SEC Investor Advisory Committee panel in June 2021, it sounds like he is not a big proponent of the current regulatory and pricing system for market data, arguing that it leads to higher costs, market distortions, and reduced competition in financial markets.

“Last, the SEC is now the gatekeeper for approving data fees, which are lightning rods for increased costs to market participants and significant litigation. The monopolistic market data regime that the SEC has allowed to develop, including through the NMS regime, is yet another driver towards market distortions, increasing costs, and the resultant concentration of market participation. For best execution and to meet customer demand, a broker-dealer must pay prices that are not set by market forces.”

Overall, his position seems to advocate for a more market-driven approach to data pricing and distribution, rather than the current regulatory model. So it would be interesting to see how the remainder of the Market Data Infrastructure Rules (“MDI Rules”) potentially evolves under his term.

What about the upcoming tick size and access fee rule?

To recap, the SEC passed the second of its four equity market structure proposals back in September of 2025, focusing on Tick Sizes, Access Fees, and Transparency of Better-Priced Orders. Originally introduced as part of a broader package in December 2022, these amendments, like the Disclosure of Order Execution Information passed in March 2024, were among the least contentious proposals. Notably, both proposals received unanimous 5-0 SEC Commission approval, signaling strong bipartisan support and enhancing the likelihood of successful implementation.

While there is a joint legal challenge by CBOE and NASDAQ, several equity market structure experts in the securities industry estimate those two exchange houses will likely lose the legal challenge and Atkins will likely continue to move forward with Tick Sizes, Access Fees, and Transparency of Better-Priced Orders rule amendments given that it improves market data access, enhances execution quality for the underlying retail investor, and more importantly, it received unanimous 5-0 SEC commission approval!

Footnotes:

• Prepared Remarks of Paul S. Atkins at the SEC Investor Advisory Committee: https://patomak.com/2021/06/10/prepared-remarks-of-paul-s-atkins-at-the-sec-investor-advisory-committee-june-10-2021/

Tick Sizes, Access Fees, and Transparency of Better Priced Orders SEC Factsheet: https://www.sec.gov/files/34-96494-fact-sheet.pdf