Trump SEC Nominee Paul Atkins' Cryptocurrency Ties Raise Ugly Concerns in Warren Ahead of His Upcoming Confirmation Hearing
In a recent financial disclosure, Atkins reported holding up to $6 million in cryptocurrency assets.
Cheyenne Ligon | Edited by Nikhilesh De Updated Mar 26, 2025 21:49 UTC Published Mar 27, 2025 11:30 UTC
Ahead of his confirmation hearing before the U.S. Senate Banking Committee tomorrow, Paul Atkins, President Donald Trump's nominee to head the U.S. Securities and Exchange Commission (SEC), has disclosed that he has up to $6 million in cryptocurrency assets, angering Sen. Elizabeth Warren (D-MA).
In a letter sent to Atkins on Sunday, Warren noted that the former SEC commissioner's experience as a consultant and lobbyist in the financial sector could create a “significant conflict of interest” if he were confirmed for the job.
“You also served as an expert witness hired by Wall Street firms accused of engaging in financial fraud and other misconduct that you will now be charged with investigating as SEC Chair. Moreover, you served as an advisor to the board of directors of Digital Chamber, a registered lobbying group for the crypto industry. In these positions, you and your company were paid by the same entities you will now be responsible for regulating,” Warren wrote. “This raises serious questions about your impartiality and commitment to the public interest if confirmed as the next SEC Chair.”
Warren suggested that Atkins consider reducing those potential conflicts of interest by recusing himself from any SEC business involving his previous clients and agreeing not to lobby, consult or otherwise work for any company in an SEC-regulated industry for at least four years after he leaves the agency. In her letter, she asks Atkins to provide a written response by Thursday.
Another letter, also dated Sunday, asked Atkins how he believes cryptocurrencies should be regulated, as well as other issues that fall under the SEC's purview.
According to Reuters, Atkins’ recent financial disclosures showed his family fortune at $328 million, largely due to his wife’s connections to roofing giant TAMKO Building Products. His risk consulting firm Patomak Global Partners — though Atkins has worked with a number of companies in both cryptocurrency and traditional finance, and has vowed to exit it if approved — was valued at between $25 million and $50 million, Reuters reported.
Atkins’ cryptocurrency-related assets were valued at $6 million, according to a Fortune report, and include a combined $1 million stake in crypto custody bank Anchorage Digital and tokenization company Securitize (Atkins served on Securitize’s board until February). Atkins said he has a stake of up to $5 million in crypto investment firm Off the Chain Capital, where he is a limited partner. Off the Chain’s investments include private stakes in major crypto companies like Digital Currency Group (DCG) and Kraken, as well as bankruptcy filings from Mt. Gox.
In a statement filed Tuesday with the Office of Government Ethics, Atkins pledged to resign from Off the Chain Capital within 120 days of his confirmation. He also resigned from his board position.
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