Senator Warren Raises Concerns Over Trump’s SEC Pick Atkins as He Reveals $6M Crypto Holdings

Senator Elizabeth Warren has raised ethical concerns over President Donald Trump’s pick for Chair of the U.S. Securities and Exchange Commission (SEC), Paul Atkins. 

In a letter to Atkins ahead of his Senate confirmation hearing, Warren highlighted potential conflicts of interest from his financial ties to the crypto industry.

Recall that Trump picked Paul Atkins as SEC Chair last December, a month after his election victory. Atkins, who previously served as a commissioner for the securities regulator between 2002 and 2008, has substantial holdings in the crypto sector. 

Atkins Holds $6M in Crypto-Related Investments

According to a report from Fortune, his financial disclosures reveal that he holds between $250,000 and $500,000 in equity in Anchorage Digital, a major crypto custodian, as well as call options in the BlackRock-backed firm Securitize. 

Additionally, he has a stake valued between $1 million and $5 million in Off the Chain Capital, an investment firm specializing in crypto assets.

In her letter, Senator Warren argued that these financial interests alongside Atkins’ history of advocating for pro-crypto policies could compromise his ability to enforce regulations impartially. 

She pointed out that the SEC chair must prioritize investor protection and market integrity, and questioned whether Atkins could do so while maintaining such significant personal stakes in the industry.

Atkins and Wife’s $588M Portfolio

Concerns over Atkins’ financial portfolio extend beyond the crypto sector. A Reuters report of his ethics documents revealed that Atkins and his wife Sarah Humphreys Atkins hold over $328 million in joint assets, with their combined fortune potentially exceeding $588 million. 

A large portion of their wealth comes from his wife’s family, which co-founded Tamko, a major roofing materials company. Additionally, Atkins disclosed 32 positions in various entities, including family trusts, LLCs, and nonprofits.

Warren also raised concerns about Atkins’ professional background. His firm, Patomak Global Partners, has consulted for major corporations and government agencies, and is among the creditors in the bankruptcy filings of the failed crypto exchange FTX. 

Warren asked Atkins to provide details about his firm’s work related to FTX and other crypto companies, given that the SEC has been investigating fraudulent activities within the industry.

Role as Witness in SEC Legal Cases

Warren’s letter also called to attention Atkins’ role as an expert witness in legal cases involving companies targeted by SEC enforcement actions. 

As Reuters reported, he has provided testimony for firms such as JPMorgan and Virtu Financial, which have faced regulatory scrutiny. Warren argued that this history raises more concerns about whether he would act in the public’s best interest or favor industry players with whom he has professional ties.

Notably, to address the ethical concerns, Atkins has pledged to divest from Off the Chain Capital within 120 days of his confirmation, according to a filing with the Office of Government Ethics. 

He has also resigned from positions at the Digital Chamber of Commerce and the Token Alliance of the Chamber of Digital Commerce. His spokesperson stated that he would consult the SEC’s ethics officer and comply with all governing regulations if confirmed.

However, Warren has maintained skepticism, asserting in her letter that divestment alone does not eliminate the appearance of impropriety. According to her, “the SEC chair must serve the public, not their own financial interests.” 

She also called for additional transparency regarding Atkins’ past involvement with crypto firms, arguing that “Americans deserve an SEC that is free from undue influence and conflicts of interest.”

Atkins is set to appear before the Senate for his confirmation hearing on Thursday, where lawmakers will scrutinize his financial disclosures and policy positions. Senator Warren had also raised concerns about Crypto Czar David Sacks regarding his crypto portfolio.

Meanwhile, the SEC, now temporarily overseen by Mark Uyeda, has been rather favorable to the crypto industry, dismissing several cases against crypto firms like Coinbase and most recently, Ripple. Most industry experts expect Atkins to continue in this manner.