Nominated by President Donald Trump to head the U.S. Securities and Exchange Commission (SEC), Paul Atkins disclosed that he and his wife hold assets worth over $328 million. In particular, crypto amounts to up to $6 million of this wealth via investments into cryptocurrencies as well as cryptocurrency related companies.
Among the crypto investments Atkins lists are stakes in Anchorage Digital and Securitize, both of which are valued at between $250,000 and $500,000. Additionally, he also has a substantial stake, in the numbers of $1 million to $5 million, in the crypto–focused fund Off the Chain Capital.
These revelations have raised questions about any potential conflict of interest for Atkins as he will be overseeing cryptocurrency regulations. In order to address these concerns, he plans to divest his crypto holdings and step down from similar positions within 90 days of his confirmation.
Atkins is more pro crypto than former head Gary Gensler, who had a stricter approach. However, the crypto industry sees another positive signal from his nomination: more favorable regulations.
While some are wary of his close crypto ties and bias, there are others such as Senator Elizabeth Warren who have raised such concerns.
With the focus being on his Senate confirmation hearing, the subject of the balance between championing innovation and safeguarding investors remains the subject of significant discussion.
Also read: Trump Backs Pro Bitcoin Senator Lummis, Urges US to Become The ‘Crypto Capital’
