Atkins Faces Senate Questions on SEC Actions and Business Conflicts
Paul Atkins, nominated to lead the US Securities and Exchange Commission (SEC), faced questioning regarding his regulatory history and business dealings during a Senate Banking Committee hearing. Key points include:
- Atkins served as an SEC commissioner under President Bush and commented on the 2008 financial crisis, attributing it to multiple causes but rejecting deregulation as a primary factor.
- He expressed concern that Congress has not adequately addressed the subprime mortgage crisis as a root cause of the financial collapse.
- Digital assets were briefly mentioned, with Atkins acknowledging the need for clear rules for cryptocurrency companies.
- Senator Tim Scott highlighted the importance of addressing discrimination against crypto firms in banking.
- Senator Elizabeth Warren criticized Atkins for potential conflicts of interest related to his personal business dealings and questioned his transparency regarding financial disclosures if confirmed.
- Atkins has a net worth of at least $327 million and stated he would sell his stake in his consulting firm upon confirmation.