Experts have often called the SEC’s regulatory stance the biggest hurdle for the crypto industry. At the same time, they believe that the U.S. President, Donald Trump, nominated Paul Atkins for the Securities and Exchange Commission (SEC), could tackle these issues due to his positive regulatory stance. Interestingly, as Atkins is set to face the Senate Banking Committee tomorrow, he has revealed his crypto holdings. What’s he holding? Let’s discuss this.
Paul Atkins Owns Nearly $6M in Crypto Holdings
Donald Trump’s biggest promise to crypto investors included firing Gary Gensler from the SEC Chairman position. Although he resigned voluntarily, investors are eyeing Paul Atkins joining the role due to his positive crypto stance.
Interestingly, he also served as an SEC Commissioner from 2002 to 2008 under President George W. Bush. He is also the founder of the financial service consultancy firm called Patomak Global Partners. With his experiences in the government regulatory body and financial services, he is considered correct for this role.
His recent crypto-holding revelation increased investors’ confidence, and he holds nearly $6 million in crypto investments per the ethics disclosure release on Tuesday. Out of this, $250k to $500k is equity in a crypto custodian called Anchorage Digital.
Records also show that he previously held a board position at the BlackRock-backed tokenization firm and held nearly $250k to $500k in call options. $1M-$5M came from stakes of Off the Chain Capital, where he is a limited partner.
The documents also revealed his and his wife’s collective net worth. According to the official documents, these two collectively have a net worth between $327 million and $588.8 million. There’s also stocks from his wife’s Tamko Holdings, a major building materials supplier. Lastly, he disclosed 32 financial positions, including nonprofits, family trusts, and LLCs.
Will Paul Atkins Sell his Crypto Holdings Like David Sachs Did?
The AI and Crypto Czar David Sachs joined the White House earlier in the month. Interestingly, days before joining this role, he made an unexpected decision and sold $200M worth of crypto holdings.
He clarified his actions in a podcast interview and revealed that this decision aligned with his role with the government. More importantly, he did not want any pointed fingers. Experts related this decision to Senator Elizabeth Warren and others’ objection to his crypto portfolio and crypto Czar role, calling it a conflict of interest.
Interestingly, Warren objected to the same from the SEC Chair nominee Paul Atkins. In a 32-page letter, she requested answers for a few things, including his role in the collapsed FTX.
He has answered that by pledging to sell his crypto portfolio and resigning from any crypto-related roles. He also committed to making these changes within 90 days of his role’s approval.
Final Thoughts
Paul Atkins’s leadership could shift the SEC’s perspective from Gary Gensler’s regulatory enforcement approach. Investors are anticipating a crypto-friendly regulatory stance from Atkins as Gensler’s strict approach costs the industry millions. As he has decided to sell his $6M worth of crypto holdings within 90 days of confirmation, the conflict of interest isn’t an issue anymore.
Crypto investors are now eyeing tomorrow’s Senate Banking Committee meeting and Atkins Sec Chairman joining next month.
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