Paul Atkins, the CEO of Patomak Global Partners, has been nominated by former President Donald Trump to head the Securities and Exchange Commission (SEC). Atkins’ financial disclosure reveals a family fortune exceeding $328 million and a deep-rooted involvement with various sectors, including Wall Street, Big Oil, and crypto interests. Among the companies Atkins has consulted for are some of Wall Street’s biggest players such as Bank of America, Barclays, Deutsche Bank, Goldman Sachs, Fidelity Investments, Guggenheim Securities, Invesco, and the Jefferies Group.
In the energy sector, he has worked with ExxonMobil. Atkins has also been prominently involved with the cryptocurrency industry. He co-chaired a crypto advocacy group and consulted for notable crypto firms, including FalconX Holdings, a crypto prime broker.
Atkins served as the co-chair of the Token Alliance at the Digital Chamber, a prominent blockchain lobbying group, and is listed as a member of the board of advisors at Securitize Inc., a digital securities issuance platform.
Paul Atkins’ financial disclosures scrutinized
Sen.
Elizabeth Warren (D-Mass.), a vocal critic of Wall Street’s influence, commented on Atkins’ nomination, stating, “That is not enough, unless he agrees to disclose to Congress who the buyer will be and whether they are paying for access to the SEC chair.”
The Senate Banking Committee is set to hold a hearing on Atkins’ nomination on Thursday. Senator Warren has sent a detailed letter to Atkins, voicing concerns about his approach to crypto regulation and potential conflicts of interest. Warren highlighted Atkins’ roles as an SEC Commissioner during the 2008 financial crisis and his advisory role to the now-collapsed crypto platform FTX in 2022.
She also criticized his advocacy for less stringent SEC rules and his involvement with several crypto companies. The letter asked for clarity on several industry-related issues, such as Atkins’ view on the SEC’s role in regulating the crypto spot market, the applicability of the Howey test to tokens, and recent crypto litigations involving major companies. Warren also inquired about possible conflicts related to Trump’s crypto ventures, such as the TRUMP memecoin and World Liberty Financial (WLFI).
Atkins is expected to address these questions during his Senate Banking Committee hearing scheduled for March 27.
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