SEC Chair candidate Atkins vows to push for encryption regulatory reform, emphasizing innovation and investor protection.

SEC Chairman nominee Paul Atkins attends Senate hearing, pledges to push for encryption regulatory reform

On March 27, Paul Atkins attended a Senate Banking Committee hearing as a candidate for the Chairman of the U.S. Securities and Exchange Commission (SEC). This hearing has garnered significant attention as it may mark a major shift in the regulatory direction of the SEC.

Atkins expressed his regulatory philosophy and future plans at the hearing. He criticized several policies of former SEC Chairman Gary Gensler, including rulemaking that was overturned by federal courts, rising employee turnover rates, and controversial enforcement actions against cryptocurrency companies. Atkins advocated for a shift towards a more lenient regulatory approach, emphasizing the need to establish a clear and effective rule system that promotes innovation while maintaining market integrity. He pledged to lead the SEC back to its core mission — "protecting investors, maintaining market efficiency, and promoting capital formation."

However, Atkins' nomination also faced some scrutiny. Senator Elizabeth Warren raised pointed questions, questioning Atkins' connections to the encryption industry and financial institutions. Warren pointed out that Atkins had provided consulting services for a certain exchange that went bankrupt and held approximately $6 million in encryption-related assets. She demanded that Atkins commit to avoiding cases involving former clients during his tenure and guarantee not to take a position in the financial industry for four years after leaving office.

In the face of these doubts, Atkins pledged to adhere to ethical standards and, if appointed, will divest all financial assets that could create conflicts of interest, including encryption assets. He emphasized that all decisions will be guided solely by the public interest and the SEC's statutory duties. Regarding a certain exchange incident, Atkins promised to conduct a thorough investigation.

Atkins has made it a top priority to establish a "principle-driven, well-structured, and technology-neutral" regulatory framework for digital assets. He believes that the ambiguity of current rules has hindered innovation and advocates for reasonable regulation to solidify the United States' global leadership in financial innovation. At the same time, he opposes the "over-politicization" of rule-making and calls on the SEC to focus on its statutory responsibilities rather than partisan agendas.

It is worth noting that Atkins has committed that the SEC will operate in a more transparent manner and listen to the opinions of the industry and consumers, which is in stark contrast to past practices.

If Atkins's nomination is confirmed, he will become the wealthiest SEC chairman in decades. According to disclosure documents submitted to the government ethics office, he and his wife Sarah have a net worth of at least $327 million. Of this, his shares in a consulting firm are worth at least $25 million. Atkins has stated that if appointed, he will resign as the company's CEO within 90 days.

The nomination results for Atkins will profoundly influence the SEC's policy direction in key areas such as the cryptocurrency market, enforcement priorities, and market structure reform. The Senate Banking Committee will continue to review his nomination qualifications, and if approved by the committee, the nomination will be submitted to the full Senate for a final vote, where a simple majority will be sufficient for confirmation.

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GasFeeCriervip
· 23h ago
If you don't agree with the regulation, just go directly for the lubrication.
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LiquidationWatchervip
· 23h ago
watch ur liquidation levels ppl... been burnt before w/ gensler's random enforcements, not making that mistake again
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SocialFiQueenvip
· 23h ago
Finally, I've met someone who understands.
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SellLowExpertvip
· 23h ago
Are we going to wait to cut loss again?
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AirdropHunterZhangvip
· 23h ago
Monthly income of 3k, the electricity bill party, starts trading right away, wiping out two years of old suckers.
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