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Senator Elizabeth Warren has some tough questions for SEC nominee Paul Atkins, who was chosen to lead the SEC. The SEC’s job is to closely watch money matters like crypto and stock markets. Now, before his confirmation hearing on Thursday, she wants SEC Chair pick Paul Atkins to explain his links to the failed crypto exchange FTX.
Warren wrote a strong letter, raising concerns over Atkins’s role as an advisor to FTX. She questioned him about whether he missed early indicators or disregarded warning signals indicating the exchange was misusing billions of dollars in customer funds.
Atkins, who is also running to be the US SEC’s chief, will hold a confirmation hearing before the Senate Banking Committee on March 27. Earlier, Atkins served as an SEC commissioner from 2002 to 2008. He then founded Patomak Global Partners, a consulting company based in Washington, D.C.
Warren Was Afraid of Atkins’ FTX Job And How He Would Affect The Crypto Industry
Atkins, who is renowned for his opposition to rigorous regulations, also worked ten months as a consultant for FTX before it collapsed in November 2022.
Later on, Warren claimed, FTX turned out to have been a major fraud. She stated that Atkins did not raise any alarms. Instead, he said that the US regulatory system was not open enough to new crypto ideas after the collapse.
Warren’s letter pointed out the big difference between what Atkins said and what happened, and it asked how a seasoned financial expert could not have noticed that FTX was doing risky things.
The senator also raised concerns about Atkins’ broader crypto affiliations. People are wondering if the policies he may make at the SEC could help the crypto industry since he has advised the Chamber of Digital Commerce and other crypto groups.
Atkins Was Asked To Give Information on FTX Payments and Plans on Rulebreakers and Those With Political Ties
Warren asked Atkins how he could fairly enforce securities laws with these ties, especially since the SEC recently dropped several enforcement cases against major crypto players, such as Ripple, Coinbase, and Kraken.
Warren also asked Atkins how he would enforce policies prohibiting insider trading and market manipulation when they included individuals in the government, such as the President, his family, and outside consultants connected to digital asset companies.
She asked Atkins to explain how much he was paid by FTX and whether any of it had been taken back during the exchange’s bankruptcy proceedings.
She also asked if he was aware of any connections between FTX and Alameda Research or if the two were sharing customers’ funds.
The SEC and its new boss must successfully navigate this significant challenge. When the person who is supposed to catch the wrongdoers once worked with one of them, trust becomes a big question.
Senator Warren isn’t just asking about one person; she wants to make sure that the people who look out for investors aren’t linked to people who hurt them. We’ll know more after March 27 when the confirmation hearing takes place.
