Paul Atkins, who has been nominated by Donald Trump to head the Securities and Exchange Commission (SEC), revealed that he and his spouse possess combined employment assets exceeding $327 million, ahead of an upcoming confirmation hearing with the US Senate Banking Committee.
Atkins and his wife, Sarah Humphreys, reportedly have assets totaling up to $327 million, partly derived from their interests in Atkins’ consulting business, Patomak Global Partners, as well as Tamko Building Products, as indicated in a financial disclosure released by the US Office of Government Ethics on March 25.
Humphreys and her relatives are said to control a 75% share in Tamko, the roofing company established by her grandfather.
Atkins has personally reported total employment assets valued at up to $78.8 million, which include amounts ranging from $15,000 each; between $25,000,001 and $50 million in membership interests at Patomak; between $250,001 and $500,000 in call options at Securitize, a tokenization platform for real-world assets; and between $50,001 and $100,000 at the fintech firm Pontoro.
If confirmed, Atkins would step down as CEO of Patomak and divest his membership interest, along with his stock options at Securitize. He previously served as a commissioner for the agency from 2002 to 2008.
This financial disclosure precedes Atkins’ testimony before the Senate Banking Committee on March 27. Massachusetts Senator Elizabeth Warren, the leading Democrat on the committee, has urged Atkins to be ready to address inquiries concerning his “significant involvement with FTX and other lucrative crypto clients.”
Related: What to expect at Paul Atkins’ SEC confirmation hearing
Atkins may have some Republican supporters on the committee and could face easier questions during his hearing. The potential SEC commissioner has already met with Wyoming Senator Cynthia Lummis, who indicated she expects him to “swiftly work to provide regulatory clarity for the digital asset sector.”
Potential conflicts of interest in overseeing digital assets?
Several officials from the Trump administration have taken measures to prevent any appearance of conflicts of interest.
David Sacks, who was tapped as the administration’s artificial intelligence and crypto lead, disclosed on March 5 that his venture capital firm had sold over $200 million in cryptocurrency and related stocks prior to taking on his role.
Trump has faced backlash from legislators and individuals within the crypto community for his family’s ties to World Liberty Financial and the introduction of his memecoin in January.
Atkins’ confirmation hearing will be the first time that US lawmakers evaluate his nomination since Trump proposed him as a successor to former SEC Chair Gary Gensler in December. Following Gensler’s exit on January 20, Commissioner Mark Uyeda took over as acting chair of the agency.
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