Paul Atkins said that regulation of crypto would be the top priority for him if he is confirmed to the position as the chairman.
Prepared remarks in advance of the a confirmation hearing Atkins, who spoke Thursday before the Senate Committee on Banking, Housing, and Urban Affairs, criticized “ambiguous and lack of regulation” for digital asset regulations that are preventing market growth.
Atkins explained: “I’ve been working with the industry to create best practices and regulations for digital assets since 2017. I can see how ambiguous regulation inhibits innovation because it causes uncertainty.”
He added that “a top priority for my Chairmanship is to work with the other Commissioners, as well as Congress, to establish a solid regulatory basis for digital assets by using a rationale, coherent, and principled method.”
On Thursday, he will be confirmed by the Senate Banking Committee. The confirmation process involves the committee's review, followed by a vote to advance the nomination to the full Senate for final approval.
The exact timing of the final confirmation vote will depend on the Senate's schedule and deliberations.
SEC Veteran
Atkins has been a leader in the SEC and advocate of deregulation. Washington is still divided on crypto and its approach.
The current SEC policies under the former president Joe Biden, and Gary Gensler as former chairman were heavily geared towards enforcement actions against large crypto firms. Many of these have been abandoned.
Atkins criticized also the regulatory climate in general, saying that red tape and politics are smothering U.S. market.
“Unclear and complicated regulations that are burdensome are hindering the capitalization of the United States, while American Investors are bombarded with information which does the exact opposite to help them better understand investment risks,” said he. “It’s time to reset the priorities of SEC and bring back common sense.”
Atkins was already opposed to his appointment by Senator Elizabeth Warren of Massachusetts, who is a vocal cryptoskeptic as well as the Ranking Member on Banking Committee.
The date was March 24, Written by In a 34 page letter, Atkins was pressed to provide more information on his regulatory failings prior to 2008’s financial crisis. He also asked for details regarding his role as advisor of failed crypto-exchange FTX. At the hearing, he is expected to answer her questions.
Atkins Owns He has invested up to five million dollars in a cryptocurrency investment fund, and one million dollars in two different crypto firms. His wife and he Assets held The bulk of the money comes from the wife’s side of his family.
Sebastian Sinclair is the editor
