5 Key Facts About New SEC Chair Paul Atkins and His Crypto-Friendly Stance

Paul Atkins has officially been sworn in as the 34th chair of the U.S. Securities and Exchange Commission (SEC), stirring significant attention across Wall Street and the crypto industry. Known for his libertarian views, Atkins made headlines early in his career by opposing the Sarbanes–Oxley Act, a major reform passed after the Enron scandal to enhance corporate accountability. As an SEC commissioner under President George W. Bush in 2002, he criticized the law’s sweeping regulatory scope and also resisted harsh penalties for corporate misconduct.

Atkins's deregulatory approach has drawn criticism, especially for his role in the SEC’s 2004 Net Capital Rule amendment, which let investment banks increase leverage—an act many believe contributed to the 2008 global financial crisis. This connection was recently highlighted by Senator Elizabeth Warren during Atkins’s confirmation hearing.

After leaving the SEC in 2008, Atkins founded Potomak Global Partners, a financial consulting firm serving major asset managers and financial institutions. He later divested his interest in the firm after being tapped to oversee the fallout from FTX’s collapse.

Atkins is also a vocal supporter of cryptocurrency. He co-chaired the Token Alliance, a key crypto lobbying group, and holds notable crypto assets. His nomination was celebrated within the crypto community, and he has pledged to prioritize crypto regulation, emphasizing a more innovation-friendly approach during recent Senate hearings.

Notably, Atkins served as an advisor to the failed crypto exchange FTX before its 2022 implosion, working alongside figures like former CFTC Commissioner Mark Wetjen. Despite the controversy, Atkins’s leadership is expected to shift SEC policy in a direction more aligned with digital asset growth and market liberalization.