Senator Warren’s Concerns Over SEC Chair Nominee
Senator Elizabeth Warren has raised serious concerns over SEC chair nominee Paul Atkins’ history of light-touch regulation, ties to the failed crypto exchange FTX, and efforts to dismantle key investor protections. In a 34-page letter, Senator Warren questioned Atkins’ ability to lead the agency impartially in times of market volatility and declining investor confidence.
Crypto, conflicts, and political interference
Senator Warren pointed out that Atkins’ firm, Patomak Global Partners, has advised clients facing SEC enforcement while charging high fees. She demanded full disclosure of Patomak’s clients and asked whether Atkins would recuse himself from rulemaking or investigations involving them. Warren also criticized Atkins for advising FTX before its collapse, raising concerns about his judgment and ability to police financial misconduct.
Return to deregulation
Senator Warren questioned whether Atkins would continue the SEC’s crackdown on crypto fraud, enforce new short sale disclosure rules mandated by Dodd-Frank, and resist political interference, especially in cases involving firms linked to Trump or his allies. Atkins has a history of opposing penalties for corporate misconduct, defending executive stock option abuses, and criticizing climate risk disclosures as regulatory overreach. Senator Warren warned that his nomination could lead to “pre-crisis deregulation,” destabilizing markets and eroding public trust.
Senator Warren has called for clear answers from Atkins and urged him to respond to over 100 detailed questions before his confirmation hearing. Atkins has not commented publicly on the matter yet.
