Lawmakers in the US Senate Banking Committee confirmed the nomination of Paul Atkins to be a member of Securities and Exchange Commission (SEC), paving the way for a full floor vote in the chamber.

In an April 3 executive session of the banking committee, lawmakers voted 13-11 to confirm Atkins for two consecutive terms as an SEC commissioner, taking over former Chair Gary Gensler’s term and another term ending in 2031.

Atkins’ nomination will soon go to the Republican-controlled Senate for a full floor vote, where many experts suggest he is also likely to be confirmed.

Before calling for a vote, committee chair Tim Scott said Atkins would bring “much-needed clarity for digital assets.” Ranking member Elizabeth Warren reiterated earlier concerns about Trump’s SEC pick helping “billionaire scammers” like former FTX CEO Sam Bankman-Fried and Tesla CEO Elon Musk “actively trying to destroy” federal agencies. 

This is a developing story, and further information will be added as it becomes available.