Trump SEC Nominee Paul Atkins Discloses Up to $6 Million in Crypto Assets
Paul Atkins, nominee for SEC Chair, disclosed holdings of up to $6 million in crypto assets ahead of his Senate Banking Committee confirmation hearing. Senator Elizabeth Warren expressed concerns about potential conflicts of interest due to Atkins' background as a consultant and lobbyist for the financial sector.
- Warren highlighted Atkins' history as an expert witness for firms accused of misconduct.
- She urged him to recuse himself from SEC matters involving former clients and avoid lobbying or consulting for four years post-SEC tenure.
- Atkins’ financial disclosures indicate a family wealth of approximately $328 million, largely from his wife's connections to TAMKO Building Products.
- His consultancy firm is valued between $25 and $50 million; he plans to divest if confirmed.
- Crypto assets include $1 million in Anchorage Digital and Securitize, and a stake of up to $5 million in Off the Chain Capital.
Atkins pledged to divest from Off the Chain Capital within 120 days post-confirmation and has resigned from various board positions related to the crypto industry. This contrasts with former SEC Chair Gary Gensler's enforcement-focused approach. The current SEC leadership is revising its crypto regulation strategy, reducing investigations into several firms while still pursuing cases against others like Unicoin and Crypto.com.