Paul Atkins, former member of the United States Stock Exchange and Securities Commission that President Donald Trump took advantage of the agency, said a different direction for the Crypto Agency of the last four years, although he was not pressed with questions of great image assets during a confirmation hearing on Thursday.
Now that Trump has assured the step at the cabinet level of his government, the White House is working to guide the main chiefs of the agency through the Senate confirmation process. Although many of the cryptographic holders come from administration and congress these days, those who direct the regulatory agencies will ultimately write the regulations with which the industry will have to comply.
Atkins is trying to be the successor of former President Gary Gensler, whose years in the agency they established it as the most prominent nemesis of the digital asset sector. But Trump’s candidate is already being positioned in marked contrast with Gensler, who criticized the history of the industry with the scammers and argued that the current Securities Law was sufficient to deal with much of the space as if it were an active violation of the registration requirements.
“A priority of my presidency will be to work with my commissioned fellow and Congress to provide a firm regulatory basis for digital assets through a rational, coherent and principle approach,” ATKINS said in his testimony prepared for Thursday.
Senator Tim Scott, the South Carolina Republican who presides over the committee, said ATKINS “will provide clarity that has long for digital assets.”
But even before the audience began, Atkins was being criticized by Senator Elizabether Warren, the Massachusetts legislator who is the Democrat for classification of the Committee, who recorded doubts about his ability to be impartial to the digital asset sector that has served as an advisor.
At the audience table with Atkins, Gould presented his case to take care of the Office of the Comptroller of La Moneda, the National Banks Regulator. The Occ has been a significant player in the campaign of the digital asset sector against US banking supervision that pressed banks to keep the industry along one arm. Cryptographic companies and experts have struggled to maintain banking relations and have argued that regulators create that “debate” tension.
The first question for Gould was about that situation, with Scott asking if he pledged to reverse that previous position, to which Gould replied: “Absolutely.”
For the cryptographic industry, Atkins’ responses on cryptographic matters are potentially more urgent. But he was not questioned about his views on the next steps for the supervision of cryptocurrencies, or about the legislative efforts ready to redo the cryptocurrency policy of the United States.
SBF
At one point, Republican Senator John Kennedy of Louisiana raised the former CEO of FTX Sam Bankman-Fried, who, according to him, seems like a “fourth runner-up in a Lookalike contest by John Belushi,” ATKINS asked if the SEC appropriately searched SBF parents for their participation in their fraudulent activities.
“I hope to get to the SEC to find out what happened,” said Atkins. “Like you, I am worried about those reports.”
But Kennedy took him beyond, suggesting a lack of responsibility that indicates “two standards for law and punishment” in the United States
“I don’t think the SEC has done anything,” Kennedy said. “They are criminals!” He shouted. “And I hope the SC does something about it.”
Few other senators deepened broader cryptographic matters, and those who may have expected, such as Senator Cynthia Lummis, were not present. The audience only lasted two hours and included four nominees for several offices, which caused some Democrats to regret this not enough to talk to each person.
Atkins’ most difficult moments revolved around his term as commissioner of the SC in the period prior to the collapse of 2008 and the faults of the agency in the surveillance of the mortgage values that contributed to that crisis. Atkins diverted the main responsibility of the crisis as belonging to the giant mortgages Fannie Mae and Freddie Mac.
The next step in the confirmation process is that the vote committee on the nominees and sends them for possible approval by the General Senate.
