Prospective SEC chair pressed on sale of FTX-tied firm
Paul Atkins did not directly answer senators’ questions on who might purchase his consulting firm if he were confirmed to the SEC.
Lawmakers in the US Senate Banking Committee questioned prospective Securities and Exchange Commission (SEC) member Paul Atkins on his ties to the crypto industry and how he might regulate digital assets if confirmed.
Questioning Atkins at his nomination hearing on March 27, Massachusetts Senator Elizabeth Warren said the former SEC commissioner had had “staggeringly bad judgment” in his role leading up to the 2008 financial crisis — Atkins served at the agency from 2002 to 2008. Sen. Warren also asked Atkins to disclose the buyers of his consulting firm Patomak Global Partners — which advised crypto exchange FTX before its collapse in 2022 — for transparency about potential conflicts of interest with the digital asset industry.
“Your clients pay you north of $1,200 an hour for advice on how to influence regulators like the SEC, and if you’re confirmed, you will be in a prime spot to deliver for all those clients who’ve been paying you millions of dollars for years,” said Sen. Warren, suggesting Atkins’ judgment “will be influenced by more than an objective assessment of the data.”
