US EditionTrump SEC pick takes heat from Democrats over recession, agency’s future
- Donald Trump nominated Paul Atkins, former SEC commissioner and CEO of Patomak Global Partners, to be the next SEC chair, replacing Gary Gensler, who scrutinized the cryptocurrency industry with a regulation-by-enforcement approach.
- Atkins' nomination stems from Trump's promise to install a crypto-friendly regulator and his courting of cryptocurrency investors last year.
- Paul Atkins, who has extensive business ties and is worth up to $327 million with his spouse, previously advised FTX through Patomak Global Partners and co-chaired a crypto advocacy group, the Token Alliance at the Digital Chamber, while also consulting for numerous companies subject to SEC oversight.
- During the Senate Banking Committee confirmation hearing on Thursday, Democrats, including ranking member Elizabeth Warren, questioned Atkins about potential conflicts of interest, his past support for deregulation, including a 2004 vote to reduce capital buffers for Lehman Brothers and Bear Stearns, and his firm's high hourly rates for advising clients on influencing regulators, while Republicans expressed support for Atkins and his vision of streamlining SEC regulatory activity.
- While Atkins pledged to sell his interest in Patomak Global Partners and has stated he abided by the Office of Government Ethics process, Elizabeth Warren criticized his record and demanded disclosure of the buyers, raising concerns about potential conflicts of interest, especially given the SEC potentially facing significant workforce cuts.
36 Articles
36 Articles
Trump SEC pick takes heat from Democrats over recession, agency’s future
Democrats pressed President Trump’s pick to lead the Securities and Exchange Commission (SEC) on Thursday over his prior work at the agency in the lead-up to the 2008 financial crisis and his plans for the SEC’s future. Former SEC Commissioner Paul Atkins appeared before the Senate Banking Committee alongside several other nominees who the…
Trump's Pick to Run U.S. SEC Atkins Promises New Crypto Stance, Gets Few Questions
Paul Atkins, the former member of the U.S. Securities and Exchange Commission that President Donald Trump has tapped to run the agency, assured a different direction for the agency on crypto from the last four years, though he wasn't pressed with big-picture digital assets questions during a Thursday confirmation hearing.Now that Trump has secured the cabinet-level echelon of his government, the White House is working on shepherding top agency c…
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