Leading his hearing on confirmation in front of the US Senate banking committee tomorrow, Paul Atkins-President Donald Trump’s choice to lead the US Securities and Exchange Commission (SEC)-revealing up to $ 6 million in crypto-related assets, which motivates Sen. Elizabeth Warren (D-Mass.) To cry.
In a week Letter In Atkins, Warren emphasized that the background of the former SEC commissioner as a consultant and lobbyist for the financial industry could create “significant conflicts of interest” if he had confirmed.
“You also served as a skilled witness rented by Wall Street companies accused of engaging in ponzi schemes and other misconceptions that you will now be responsible for investigating as the SEC Chair. Additionally, you have served as a board advisor to the digital chamber, a registered lobbying group for the crypto industry. In these roles, you and your firm are paid by both companies that you will now be responsible for regulating, “Warren’s letter.” This will increase serious concerns about your injustice and commitment to serving public interest if you have confirmed to serve as the next SEC seat. “
Warren urged Atkins to consider refusing potential conflicts of interest by denying himself from any object in the SEC involving his former client, and agreed not to do any lobbying, consulting or other work for any industry companies controlled by the SEC at least four years after his departure. His letter requests a written response from the Atkins on Thursday.
Another letter, also dated on Sunday, asked Atkins a series of questions about how he believed the cryptocurrency industry was supposed to be regulated, along with other things before Purview by Sec.
Recent disclosure in financial Atkins revealed a $ 328 million family fate, according to ReutersMainly comes from his wife’s family to the roof that provides giant Tamko building products. His firm Consultancy Firm, the Patomak Global Partners – even where Atkins has made consulting for a range of companies, both crypto and traditional finances, and where he promises to be damaged if confirmed – is worth between $ 25 and $ 50 million, reported by Reuters.
Assets associated with the Atkins crypto cost up to $ 6 million, according to a Report from Fortune. Atkins reported that there was up to $ 5 million stakes in the crypto investment firm in the chain capital, where he was a limited partner. Off chain investment Include private shares with large crypto companies such as the Digital Currency Group (DCG) and Kraken, as well as losses claims at Mt. Gox.
On a Tuesday File In the government ethics office, Atkins pledged to stay away from the chain capital within 120 days of his confirmation. He also resigned from his position on the board of the Digital Chamber of Commerce and the token alliance of the Chamber of Digital Commerce according to the same filing.
Atkins’ crypto relationships are a huge contrast to his predecessor, former SEC chair Gary Gensler, known for his so -called “regulation by implementing” crypto regulation approach. At the front of the Atkins confirmation, the current SEC leadership, led by acting Mark Uyeda and commissioner Hester Peirce, is that -the agency agency agency regulation, who invites industry players to circulate discussions at the SEC headquarters in Washington, DC and back down litigation against crypto companies.
However, not all that the SEC followed under the Gensler was out of Kawit – the agency had not yet closed its probes to Unicoin or Crypto.com, both of which received Wells’ notifications (an head of upcoming implementation charges) from the SEC last year.
The SEC has closed investigations to companies including invisible, Openea and Yuga Labs, and has ended the trial against companies such as Coinbase, Kraken and Ripple since Uyeda took the agency as a moving chair.
