Crypto Rules Top Paul Atkins’ SEC Agenda Ahead of Committee Hearing

Paul Atkins, the choice of the Trump government to lead the Securities and Exchange Commission, said that the regulation of Crypto will be a top priority if he is confirmed as chairman.

In prepared comments prior to a Hearing Thursday morning before the Senate Committee for banking, housing and urban matters, ATKINS focused on “ambiguous and non-existent” digital assets regulations that hindered market growth.

“Since 2017, because I have led industrial efforts to develop best practices for the digital assets industry, I have seen how unclear regulations create uncertainty and brakes innovation,” said Atkins.

“A top priority of my chairmanship will be to collaborate with my colleague commissioners and the congress to offer a solid regulatory basis for digital assets via a rational, coherent and principle approach,” he added.

It is planned for a confirmation hearing of the Senate Bank Committee on Thursday. The confirmation process includes the evaluation of the committee, followed by a vote to promote the appointment to the entire Senate for definitive approval.

The exact timing of the final confirmation voice depends on the schedule and the deliberations of the Senate.

Sec veteran

Atkins, a veteran of earlier SEC leadership and an advocate for market pure -regulation, steps into the spotlight while the Washington’s approach for crypto remains broken and politically charged.

The current SEC policy among former President Joe Biden and former chairman Gary Genler leaned heavily on enforcement actions against large crypto companies, many of which have fallen since then.

Atkins also criticized the broader regulatory climate, with the argument that the American markets are smothered by bureaucracy and politics.

“Unclear, exaggerated politized, complicated and difficult regulations suffocate capital formation, while American investors are flooded with disclosures that do the opposite to help them understand the true risks of an investment,” he said. “It’s time to reset priorities and give common sense to the sec.”

Senator Elizabeth Warren (D-MA), a vocal crypto-sceptician and ranking of the banking committee, has already indicated against the appointment of Atkins.

On March 24, she written A letter of 34 pages to Atkins that insists on him for more information about his regulatory failures prior to the 2008 financial crisis, his role as an adviser for failed crypto exchange FTX and his conflicts of interest of his work with large banks and financial companies. He is expected to answer her questions during the hearing.

Atkins possess Up to $ 5 million in a crypto investment fund and $ 1 million in equity at two crypto companies. He and his wife Hold assets In total a value of more than $ 328 million, most of which come from his wife’s family.

Published by Sebastian Sinclair