Former SEC Commissioner Paul Atkins Vows to Reform SEC and Investigate FTX Collapse
Former U.S. Securities and Exchange Commission (SEC) Commissioner and Trump-nominated new SEC ### candidate Paul Atkins attended the Senate Banking Committee hearing on the 27th, pledging to reform the SEC and address concerns over conflicts of interest. Having previously served as an advisor to FTX, he also committed to thoroughly investigating the FTX collapse.
(Background: SEC withdraws lawsuits against Kraken and Consensys, ends Crypto.com investigation, signaling the end of the crypto persecution era.)
(Supplementary Background: Is the new SEC ### “cutting the chives”? Senator Warren exposes: Paul Atkins colludes with FTX, Sun Yuchen, and Trump Coin.)
Restoring Clarity and Restraint to SEC’s Regulatory Agenda
Former U.S. Securities and Exchange Commission (SEC) Commissioner and Trump-nominated new SEC ### candidate Paul Atkins attended the Senate Banking Committee hearing on the 27th, vowing to restore clarity and restraint to the SEC’s regulatory agenda. One of the key points in Atkins’ testimony was a clear call for regulatory rules regarding digital assets, emphasizing that this is one of the most pressing challenges in balancing innovation and investor protection. He criticized some of the actions taken during former SEC ### Gary Gensler’s tenure, pointing out issues such as court reversals of his legislative initiatives, significant personnel losses, and controversial enforcement actions against cryptocurrency companies.
Atkins advocated for a shift towards deregulation, emphasizing the need to establish clear and effective rules to encourage innovation while maintaining market integrity. He committed to returning the SEC to its core mission: protecting investors, promoting efficient markets, and facilitating capital formation.
Addressing Concerns Over Conflicts of Interest
During the confirmation hearing, Senator Elizabeth Warren sharply questioned Atkins about his relationships with the cryptocurrency industry and financial institutions. In a letter submitted prior to the hearing, she raised concerns about Atkins’ connections to the cryptocurrency industry, particularly noting his advisory role with FTX before its collapse, questioning whether he could remain impartial.
She also expressed worries about his personal financial disclosures, pointing out that Atkins holds assets related to the cryptocurrency industry worth approximately $6 million. In response to Warren’s inquiries, Atkins emphasized his commitment to ethical standards and full transparency, assuring that once his nomination is confirmed, he will sell all assets that might pose a conflict of interest, including cryptocurrency-related holdings and shares in his advisory firm, Patomak Global Partners.
Atkins also stated that he would comply with all federal ethical standards and SEC-related recusal procedures. While he did not explicitly commit to not returning to the private sector after his appointment, he stressed that all of his decisions would prioritize public interest and the SEC’s statutory mission over past relationships.
Atkins views his private sector experience as an advantage, believing it enables him to better understand market demands and to formulate regulatory rules that do not stifle innovation. He countered claims that his past experiences would impair his ability to lead neutrally, emphasizing that they would instead allow him to see the real-world impacts of SEC rules.
Commitment to Investigate FTX
Having previously served as an advisor to FTX, Atkins also pledged to further investigate the FTX collapse, assuring that the SEC would conduct a thorough review in response to concerns raised by Senator Chris Van Hollen.
