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Trump SEC Pick Paul Atkins’ Crypto Ties Draw Sen. Warren’s Ire Ahead of Confirmation Hearing

March 27, 2025Updated:March 27, 2025No Comments4 Mins Read
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Trump SEC Pick Paul Atkins’ Crypto Ties Draw Sen. Warren’s Ire Ahead of Confirmation Hearing
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Trump SEC Pick Paul Atkins’ Crypto Ties Draw Sen. Warren’s Ire Ahead of Confirmation Hearing

Forward of his affirmation listening to in entrance of the U.S. Senate Banking Committee tomorrow, Paul Atkins — President Donald Trump’s choose to guide the U.S. Securities and Alternate Fee (SEC) — disclosed having as much as $6 million in crypto-related property, prompting Sen. Elizabeth Warren (D-Mass.) to cry foul.

In a Sunday letter to Atkins, Warren burdened that the previous SEC commissioner’s background as a guide and lobbyist for the monetary trade may create “important conflicts of curiosity” if he’s confirmed.

“You even have served as an skilled witness employed by Wall Avenue corporations accused of participating in Ponzi schemes and different misconduct that you’d now be chargeable for investigating as SEC Chair. Moreover, you might have served as a Board Advisor to the Digital Chamber, a registered lobbying group for the crypto trade. In these roles, you and your agency have been paid by the identical firms that you’d now be chargeable for regulating,” Warren wrote. “It will elevate critical considerations about your impartiality and dedication to serving the general public curiosity in case you are confirmed to function the following SEC Chair.”

Warren urged Atkins to contemplate mitigating these potential conflicts of curiosity by recusing himself from any SEC issues involving his former shoppers, and agreeing to not do any lobbying, consulting or different work for any firms within the trade regulated by the SEC for at the very least 4 years after his departure from the company. Her letter requests a written response from Atkins by Thursday.

One other letter, additionally dated Sunday, requested Atkins a sequence of questions on how he believed the cryptocurrency trade must be regulated, alongside different issues earlier than the SEC’s purview.

Atkins’ latest monetary disclosures revealed a $328 million household fortune, in keeping with Reuters, largely stemming from his spouse’s household ties to roofing provide large TAMKO Constructing Merchandise. His threat consultancy agency, Patomak World Companions — although which Atkins has achieved consulting for a spread of firms, each crypto and conventional finance, and from which he has promised to divest if confirmed — was valued at between $25 and $50 million, Reuters reported.

Atkins’ crypto-related property have been valued at as much as $6 million, in keeping with a report from Fortune, and embrace a mixed $1 million in fairness in crypto custodian Anchorage Digital and tokenization agency Securitize (Atkins held a board seat at Securitize till February). Atkins reported having as much as a $5 million stake within the crypto funding agency Off the Chain Capital, the place he’s a restricted associate. Off the Chain’s investments embrace personal shares in huge crypto firms like Digital Forex Group (DCG) and Kraken, in addition to Mt. Gox chapter claims.

In a Tuesday submitting with the Workplace of Authorities Ethics, Atkins pledged to divest from Off the Chain Capital inside 120 days of his affirmation. He has additionally resigned from his place on the board of the Digital Chamber of Commerce and the Token Alliance of the Chamber of Digital Commerce in keeping with the identical submitting.

Atkins crypto ties are a stark distinction to his predecessor, former SEC Chair Gary Gensler, who was identified for his so-called “regulation by enforcement” method to crypto regulation. Forward of Atkins’ affirmation, the SEC’s present management, spearheaded by Performing Chair Mark Uyeda and Commissioner Hester Peirce, have been overhauling the company’s crypto regulation technique, inviting trade gamers to roundtable discussions on the SEC’s headquarters in Washington, D.C. and backing down a substantial variety of investigations and open litigation towards crypto firms.

Nonetheless, not everybody that the SEC went after beneath Gensler is off the hook — the company has not but shut its probes into Unicoin or Crypto.com, each of which acquired Wells notices (a heads up of forthcoming enforcement expenses) from the SEC final 12 months.

The SEC has shut down investigations into firms together with Immutable, OpenSea and Yuga Labs, and ended litigation towards firms like Coinbase, Kraken and Ripple since Uyeda took over the company as appearing chair.





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