Before his confirmation hearing in front of the Banking Committee of the United States Senate tomorrow, Paul Atkins, the election of President Donald Trump to lead the United States Stock Exchange and Securities Commission (SEC), revealed to up to $ 6 million in crypto-related assets, which led Senator Elizabeth Warren (D-Mass) to cry.
In a letter from Sunday to 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 confirmed.
“He has also served as an expert witness hired by the Wall Street companies accused of participating in Ponzi schemes and other misconduct that would now be responsible for investigating as president of the SEC. In addition, you have served as an advisor to the Board of the Digital Chamber, a registered lobbying group of the crypto industry.” This will raise serious concerns about its impartiality and commitment to serve the public interest if it is confirmed that it is confirmed that it is confirmed that it is confirmed that it is confirmed that it is confirmed as the next interest. Sec “.
Warren urged Atkins to consider mitigating these possible conflicts of interest by challenging any subject of the SEC that involves its old clients, and agreeing not to do any lobbying, consulting or other work for any company in the industry regulated by the SEC for at least four years after its agency’s departure. His letter requests a written response from Atkins before Thursday.
Another letter, also dated Sunday, asked Akins a series of questions about how he believed that the cryptocurrency industry should be regulated, along with other issues before the scope of the SEC.
The recent Financial Revelations of ATKINS revealed a family fortune of $ 328 million, according to Reuters, largely derived from his wife’s family ties with the construction products of the Tamko roofing supplies giant. His risk consulting firm, Patomak Global Partners, although ATKINS has made consultations for a variety of companies, both Cryptoe and traditional finances, and from which he has promised to uninform if confirmed, it was valued between $ 25 and $ 50 million, Reuters reported.
Assets related to ATKINS cryptography were valued at up to $ 6 million, according to a Fortune report, and include a combined capital of $ 1 million in the token and tokenization firm of Crypto’s anchipter custody securitize (Atkins maintained a security joint until February). Atkins reported having a participation of up to $ 5 million in the cryptographic investment firm outside the capital chain, where it is a limited partner. Chain investments include private actions in large cryptographic companies such as Digital Currency Group (DCG) and Kraken, as well as the bankruptcy claims of Mount Gox.
In a Tuesday presentation before the Government Ethics Office, Atkins promised to deviate from the capital of the chain within 120 days after its confirmation. He has also renounced his position at the Board of the Digital Chamber of Commerce and the Token Alliance of the Digital Chamber of Commerce according to the same presentation.
The Atkins cryptographic ties are a marked contrast with his predecessor, the former SEC president, Gary Gensler, known for his so -called “application regulation” approach to cryptographic regulation. Before the confirmation of Atkins, the current leadership of the SEC, headed by the interim president Mark Uyeda and Commissioner Hester Peirce, has been reviewing the agency’s cryptographic regulation strategy, inviting the industry actors to the round table discussions at the headquarters of the SEC in Washington, DC and supporting a considerable number of investigations and litigation Open against crypto companies.
However, not all of which the SEC was after Gensler is out of the hook: the agency has not yet closed its probes to Unicoin or Crypto.com, which received notices from Wells (a notice of the next application positions) of the SEC last year.
The SEC has closed the investigations in companies such as Immutable, Opensa and Yuga Labs, and litigios ended against companies such as Coinbase, Kraken and Ripple since Uyeda took over the agency as an interim president.
