Sen. Elizabeth Warren (D-MA) confronted President Donald Trump’s SEC chair candidate Paul Atkins during a confirmation hearing before the Senate Banking Committee. Former SEC commissioner Atkins plans to sell stakes in Patmac Global Partner, the consulting company he founded. Warren pushed him to disclose the buyer and price. When Atkins said he followed the White House ethics guidance, Warren replied, “Some people might call it a pre-briv.”
Atkins has promised to take a different approach than former SEC chairman Gary Jensler. Gary Gensler has pursued a proactive enforcement action by regulators against crypto companies. He described the current regulatory framework as “ambiguous and nonexistent” and committed to establishing a clearer approach. Acting Chair Mark Ueda has already stepped away from Gensler’s stance, focusing on guidance rather than enforcement. Republicans and some former SEC officials have defended Atkins, claiming that his industry experience will benefit the SEC. Sen. Bill Hagerty (R-TN), a longtime acquaintance of Atkins, said he “has an unparalleled understanding of the financial markets and their regulatory challenges.”
Warren also raised concerns about the Stabcoin bill in Congress and accused Trump of using it to benefit himself and Elon Musk. On Wednesday, she criticized Trump’s decentralized financial project, World Liberty Financial. It launched its own Stablecoin, USD1, on the BNB chains of Ethereum and Binance. She argued that the law was designed to “enrich” Trump and Musk at the expense of financial stability.
During the hearing, Warren repeatedly cited the founder of FTX, claiming that Atkins’ relationship with the crypto industry reflects a pattern of financial regulators in favour of corporate interests. “Atkins has spent his entire career supporting billionaire CEOs like Sam Bankman Fried, who committed one of the biggest financial frauds in US history,” she said she also criticized Atkins for not foreseeing the 2008 financial crisis. She questioned whether he could hold Wall Street accountable.
Although Atkins’ nomination is expected to clear the Senate, the debate highlights the ongoing political divisions regarding financial regulations and the impact of the crypto industry. Earlier this week, Warren sent Atkins a 34-page letter. She said his team responded with a short reply minutes before the hearing, calling it “deeply concerned.”
Atkins promised to reject himself from issues that Patmack would be involved in for a year if confirmed. His supporters argue that while his regulatory approach provides much needed clarity, critics like Warren warn that his industry ties could lead to weak surveillance.