The first vote for the new crypto-friendly president at the SEC has been held! Here are the results and what will happen next.

The U.S. Senate Banking Committee took a step closer today with a vote to confirm President Donald Trump’s nominee for the chairmanship of the U.S. Securities and Exchange Commission, crypto-friendly Paul Atkins.

In the vote with a party difference of 13-11, the panel also approved Jonathan Gould as the U.S. currency controller. Committee Chairman Republican Senator Tim Scott praised the nominees, stating that they are committed to depoliticizing their experiences and financial regulations.

However, the candidates faced strong opposition from Democrats, including the committee’s highest-ranking Democrat, Senator Elizabeth Warren, who criticized Atkins and Gould for their positions on deregulation. Warren argued that their approaches supported Wall Street interests at the expense of consumer protection.

Warren, who said “I will not vote to approve these administration officials while co-chairs Trump and Musk actively destroy these institutions as we sit here,” referred to widespread government layoffs and billionaire Elon Musk’s efforts to restructure or eliminate federal agencies.

Despite the disagreements between the parties, the committee approved two more nominees with the support of the Democrats. Luke Pettit, a former Senate staffer, was confirmed as Deputy Secretary of the Treasury, while Marcus Molinaro was approved as the next federal transportation administrator.

Nominations will now be sent to the entire Senate for final voting.