Paul Atkins’ SEC Nomination Ignites Debate Over Deregulation, Crypto, and Post-2008 Lessons.
In a charged Senate Banking Committee hearing, four of former President Donald Trump’s nominees faced scrutiny over their potential to reshape America’s financial and transit landscapes. At the center of the debate: Paul Atkins, Trump’s pick to lead the Securities and Exchange Commission (SEC), whose deregulatory record and ties to Wall Street drew sharp partisan divisions. The hearing, chaired by Sen. Tim Scott (R-SC) and opposed by Sen. Elizabeth Warren (D-MA), highlighted broader ideological battles over the role of government in markets, the future of digital assets, and the lessons (or lack thereof) from the 2008 financial crisis.
1. Paul Atkins (SEC Chair Nominee)
A former SEC commissioner under George W. Bush, Atkins pledged to reverse what Republicans called the Biden administration’s “heavy-handed” regulatory approach. He emphasized restoring the SEC’s “core mission” of investor protection while fostering capital formation, particularly for digital assets. Critics, however, flagged his 2002–2008 tenure, during which he supported loosening rules for investment banks like Lehman Brothers — a move later criticized as contributing to the 2008 crash.
- Digital Assets: Atkins vowed to create “clarity” for crypto, criticizing the Biden-era SEC for stifling innovation.
- Ethics Concerns: Sen. Warren grilled him over his $50 million consulting firm, Potomac Global Partners, which advises financial clients. Atkins committed to selling the firm but declined to disclose buyers, raising conflict-of-interest questions.
2. Jonathan Gould (Comptroller of the Currency Nominee)
Gould, a former OCC chief counsel, faced questions about politicized “de-banking” of crypto firms and industries disfavored by Democrats. He endorsed Acting Comptroller Rodney Hood’s removal of “reputational risk” from bank exams, a move critics argue enables…
