Veteran financial regulator and cryptocurrency advocate Paul Atkins is President-elect Donald Trump's choice to lead and possibly reform the U.S. Securities and Exchange Commission.
The agency is responsible for overseeing U.S. securities markets and investments. Current chairman Gary Gensler has been at the forefront of a crackdown on the cryptocurrency industry under President Joe Biden's administration.
President Trump said he chose Atkins for the post, saying the former SEC commissioner is known for his opposition to excessive market regulation and is a “proven leader of common-sense regulation.”
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“He believes in the promise of robust, innovative capital markets that meet the needs of investors and provide the capital to make our economy the best in the world. “We also recognize that innovation is essential to making America greater than ever,” he wrote in Truth Social.
Who is Paul Atkins?
Former SEC Commissioner Paul Atkins is a cryptocurrency advocate and founder and CEO of Patomak Partners.
After leaving the U.S. Securities and Exchange Commission at the end of the George Bush administration, he founded Patomac Global Partners, a consulting firm serving major financial industry clients.
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Since then, Patmac has grown to become one of the most prominent sounding boards for banks, trading houses, fintechs, and other financial companies seeking guidance on how to influence and respond to Washington's edicts and investigations. .
“He is the godfather of conservative capital markets ideology and a mentor to a generation of policymakers,” said Bloomberg, an industry group made up of exchanges, institutional investors and other financial companies, He quoted Tyler Gerash, president of the Healthy Markets Association.
Mr. Atkins has been involved in some of the most controversial financial policy issues in both the SEC and the private sector, including the influence of proxy advisors on corporate boards and the costs of “over-disclosure.” Promote capital formation.
He testified before Congress on how to restructure the agency's operations and reduce what some industry observers view as duplicative or overly burdensome regulations.
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More recently, Atkins has been a strong advocate of digital assets and fintech companies.
As SEC commissioner, Atkins spoke out against large fines imposed on companies, arguing that they ultimately hurt shareholders.
He also asserted that the SEC's mission is not only to protect investors, but also to increase market competition and efficiency.
Atkins said in a 2007 speech that regulators “must not price these investors out of the market with burdensome regulations or eat away at the fruits of their investments with meaningless mandates.”
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He also criticized some of the sweeping reforms included in the Dodd-Frank Act, enacted in response to the 2008 financial crisis.
He testified before a Congressional committee about the designation of some large banks as systemically important financial institutions and the “grab bag” issue of public company information disclosure provisions included in the law.
Paul Atkins vs Gary Gensler
Paul Atkins' leadership will be in sharp contrast to Gary Gensler, who has launched one of the most ambitious SEC agendas in recent memory. But some of Mr. Gensler's major rulemakings were blocked by legal challenges.
Mr. Gensler's SEC also imposed large fines for regulatory mistakes, issuing record fines for financial firms that used unofficial communications equipment to conduct business.
Business groups, particularly the crypto industry, often complained that the SEC under the Gensler administration enacted regulations through enforcement rather than first creating clear rules of the road.
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Business News News US News Donald Trump has nominated pro-cryptocurrency lawyer Paul Atkins to head the US Securities and Exchange Commission. who is he? Show more Show less
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