Paul Atkins, Donald Trump’s nominee for chair of the U.S. Securities and Exchange Commission (SEC), advanced through the Senate Banking Committee on Thursday.

According to a Reuters report, the committee approved Atkins in a 13-11 vote, with all Democrats opposing the nomination.

Atkins, a former SEC commissioner, is known for his deregulatory stance and ties to the cryptocurrency industry.

The nomination now moves to the Senate floor for final confirmation. If confirmed, Atkins will succeed Acting Chair Mark Uyeda, who has led the SEC since January. Atkins has pledged to prioritize regulatory clarity for digital assets and streamline capital formation processes.

Critics, including Senator Elizabeth Warren, have raised concerns about Atkins’s record during the 2008 financial crisis and his advisory role with the collapsed crypto exchange FTX.

Despite opposition, Atkins is expected to secure confirmation in the Republican-controlled Senate.

During his nomination hearing before the Senate Banking Committee on March 27th, Atkins said that he had witnessed how regulations impact markets and investors.

“Since 2017, as I have led industry efforts to develop best practices for the digital asset industry, I have seen how ambiguous and non-existent regulations for digital assets create uncertainty in the market and inhibit innovation.”

To address the challenges stemming from the absence of clear rules for digital assets, Atkins said he will work to establish a regulatory framework for crypto.

“A top priority of my chairmanship will be to work with my fellow Commissioners and Congress to provide a firm regulatory foundation for digital assets through a rational, coherent, and principled approach.”

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