- Paul Atkins appeared before the Senate Banking Committee for his nomination hearing on Thursday.
- Senator Elizabeth Warren questioned Atkins regarding his plan to divest from Patomak Global Partners if he becomes SEC Chair.
- Atkins indicated that digital assets would be a major focus during his potential tenure.
During a nomination hearing held by the Senate Banking Committee on Thursday, lawmakers scrutinized Trump’s selection for Chair of the Securities and Exchange Commission (SEC), Paul Atkins, on several essential issues concerning the agency. Atkins affirmed his commitment to establishing a robust regulatory framework for digital assets.
Committee members question Paul Atkins about cryptocurrency issues
Members of the Senate Banking Committee questioned Paul Atkins, the prospective SEC Chair, during his nomination hearing on Thursday. When asked about his vision for the agency, Atkins mentioned his desire to reverse the stricter regulatory measures that were enacted during the term of former Chair Gary Gensler.
Multiple senators, including Committee Chairman Tim Scott, raised concerns about the enforcement approach taken by the previous administration.
“One thing I can say about the SEC is that under your predecessor, there was no golden age,” Chairman Scott remarked to Atkins, referencing instances from the last administration.
Regarding digital assets, Atkins emphasized his commitment to making cryptocurrency regulations a top priority in his potential leadership.
“A primary focus of my chairmanship will be collaborating with my fellow commissioners and Congress to establish a solid regulatory framework for digital assets through a logical, coherent, and principles-based strategy,” Atkins stated.
Senator Elizabeth Warren pressed Atkins about his prior associations with the now-defunct crypto exchange FTX, raising concerns about whether these ties would affect his stance on crypto regulation.
“If you’re confirmed, you will be in a key position to advocate for all those clients who have been paying you millions of dollars,” Warren pointed out during the hearing.
Atkins’ Patomak Global Partners was a client of FTX until its demise in November 2022.
Atkins asserted his plan to resign as CEO of Patomak to eliminate potential conflicts of interest if he is confirmed as the new SEC Chair. Nevertheless, he did not reveal any possible buyers for his consulting firm when asked by Senator Warren.