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Paul Atkins’ supposed ties with FTX, the Bahamian-headquartered cryptocurrency that crashed in 2022, may cost him his place at the United States Securities and Exchange Commission (SEC). Recently, US lawmakers questioned the SEC Chair nominee about his ties with the bankrupt crypto exchange and criticized the outgoing chair of the Commission, Gary Gensler.
Paul Atkins Hit With Multiple Questions About FTX and SEC
Senate Banking Committee’s Elizabeth Warren interrogated Atkins on the matter with FTX during his nomination hearing, seizing the opportunity to point out President Donald Trump’s possible conflicts of interest with the rise of his memecoin.
Some sources have linked FTX to Patomak Global Partners, a firm founded by Atkins in 2019. Warren has suggested that Atkins would be “in a prime spot” given his firm’s clients.
“If you’re confirmed, you will be in a prime spot to deliver for all those clients who have been paying you millions of dollars,” she stated.
Senate Banking Committee Chair Tim Scott, R-S.C., is also interested in knowing how the SEC could recover some losses, including the Debt Box.
For context, the SEC made a false and misleading request against Utah-based Debt Box in 2023, eventually leading a US court to impose a restraining order on the crypto startup. Once it was discovered that SEC’s claims were misleading, the SEC was made to pay $1.8 million in fines.
Atkins is Set to Liberate the US Crypto Industry
In response, Atkins claimed he is committed to getting to work if confirmed. Some of his action plans are to “try to make sure that we increase the morale of the agency, that we cure some of the dysfunction that’s there, the demoralization of it, and get back to work and get back to basics.”
Atkins is quite optimistic about his plans for the US as the SEC chairman. He prepared a testimony in which he noted that he would make the creation of a crypto regulatory framework a “top priority.”
It is not surprising that Donald Trump handpicked Atkins to lead the agency even before he was inaugurated as president.
The former SEC commissioner has a sterling track record that resonates with Trump’s pro-crypto administration in the United States. In addition to owning Patomak Global Partners, Atkins also owns shares in three crypto-based companies.
US Authorities Prepares For Other Key Nominations
Apart from filling up the seat of SEC chairman, US lawmakers were also working on nominations for the Comptroller of the Currency Jonathan Gould, Assistant Secretary of the Treasury Luke Pettit, and Federal Transit Administrator Marcus Molinaro.
Based on this premise, the topics of discussion were not solely crypto but varied as the need arose.
In other related news, the bankrupt FTX is currently working on repaying its creditors, who were affected by its implosion.
