After a long waiting season, Paul Atkins was finally appointed the new United States Securities and Exchange Commission (SEC) chairman on Tuesday. The 67-year-old businessman has always been Donald Trump’s choice but had to go through the Senate for verification before his appointment.
Trump’s preference for Atkins stems from different reasons, including the Patomak Global Partners founder’s disposition towards cryptocurrencies. The public may not be privy to other key facts about Atkins. Here are 5 worth noting;
Fact 1. Paul Atkins is a Lawyer
The father of two studied Law at Vanderbilt University School of Law in 1983. He later kick-started his career as a lawyer, working with several organizations on various corporate transactions, public and private offerings, and mergers.
Apart from serving in the private sector, Atkins has experience working with the government. During his time with these institutions, including firms in the fintech industry, he was perceived as a positive catalyst for introducing functional regulations.
Fact 2. Early Service as a US SEC Commissioner
In 2002, Paul Atkins was appointed by President George W. Bush as an SEC commissioner. One of his top achievements at the time was opposing the bipartisan Sarbanes–Oxley Act. This act enhanced corporate auditing standards and financial reporting, especially after major scandals like Enron.
However, Atkins opposed the Act’s sweeping regulatory provisions and significant penalties for corporate wrongdoing.
Fact 3. Atkins Leads SEC Deregulatory Environment
The SEC’s stance created a deregulatory environment. Unfortunately, it was also partially blamed for laying the groundwork for the Global Financial Crisis (GFC).
Apparently, the 2004 Net Capital Rule amendment gave investment banks the opportunity to significantly increase leverage, which significantly increased the level of risk.
Anti-crypto Massachusetts Senator Elizabeth Warren seized the opportunity to mention this point during Atkins’s confirmation hearing.
Fact 4. SEC Chairman as Founder of Patomak Global Partners
Paul Atkins left the securities agency in 2008 to establish Patomak Global Partners. The firm focused on delivering consultation services to major asset management firms, insurance entities, and other financial institutions.
Later, the entrepreneur was chosen to lead FTX, a Bahamian-headquartered cryptocurrency that crashed in 2022.
He specifically served as an advisor to the exchange before its bankruptcy. Paul Atkins worked alongside top entities like Mark Wetjen, the former Commissioner of the Commodity Futures Trading Commission (CFTC).
This advancement led Atkins to divest his stake. Interestingly, his work with FTX was one of the “red flags” that came up during his nomination hearing with the Senate Banking Committee.
Fact 5. Atkins Supports Crypto and Crypto Regulation
The US SEC Chairman has long been a strong supporter of digital assets. Eight years ago, he co-chaired Token Alliance, a well-known crypto lobbying group.
In the seasons that preceded his appointment as SEC chair, he made certain disclosures that revealed significant crypto holdings.
The crypto industry recognizes him as one of theirs, making his nomination widely celebrated within the sector. Little wonder he told the Senate Banking Committee that Bitcoin and crypto regulation would be the top priority for the agency once he resumes as Chair.
What to Expect From Paul Atkins
In light of the previous experiences he has garnered over the years, the crypto industry expects Atkins to improve the industry’s regulatory landscape.
The first step may be to attend the upcoming crypto roundtable meetings. Notably, the outcome of these meetings could have a spiral effect on the broader crypto industry.
Also, it is expected that the more than 17 crypto Exchange Traded Funds (ETFs) awaiting the SEC’s attention would receive approval in the coming days.
The post Paul Atkins: Top 5 Facts To Know About New US SEC Chairman appeared first on The Coin Republic.
