- Elizabeth Warren slammed Paul Atkins for deep crypto ties and past clients like FTX, calling him a regulatory risk.
- Atkins’ $25–$50 million stake in Patomak and refusal to reveal buyers drew sharp conflict-of-interest concerns.
- Despite pledges of fairness, critics fear Atkins’ crypto-friendly stance could weaken oversight in favor of wealthy insiders.
Paul Atkins, the man tapped by Donald Trump to replace Gary Gensler as SEC Chair, faced a criticism during a fiery Senate Banking Committee hearing on March 27. Senator Elizabeth Warren directly challenged Atkins’ deep financial roots in the crypto industry, calling out what she sees as conflicts of interest.
The Massachusetts senator made it clear she views Atkins as a risk to market fairness, blasting his longtime connections to digital asset players. While questioning his capacity to fairly regulate the very sector that made him millions, Warren said:
“Mr. Atkins has spent almost his entire career helping billionaire CEOs like Sam Bankman-Fried, who committed one of the biggest financial frauds in U.S. history.”
Atkins previously ran Patomak Global Partners, a consultancy that worked with several crypto firms — including the infamous FTX. That stake, reportedly valued between $25 million and $50 million, raised major concerns for Warren, who has asked Atkins to disclose who might be lining up to buy the firm and at what price.
“Some people might call that a pre-bribe,” she remarked sharply.
Warren Slams $1,200/Hour Ties to Wall Street
Warren argued that Atkins’ loyalty may lie closer to his former clients than to impartial rulemaking. She stated during the hearing:
“Your clients pay you north of $1,200 an hour for advice on how to influence regulators like the SEC, and if you’re confirmed, you will be in a prime spot to deliver for all those clients who’ve been paying you millions of dollars for years.”
Though Atkins promised to sell his stake in Patomak if confirmed, he declined to commit to revealing the buyers or sale terms. Warren pressed further, insisting transparency is essential when someone is up for one of the most powerful regulatory jobs on Wall Street. In her view, anything less leaves the door wide open for manipulation.
The tension came just days after Warren sent a formal letter on March 23 demanding Atkins be ready to explain his firm’s crypto entanglements. She followed through on that promise at the March 27 hearing, hammering the nominee with questions about whether his influence had already been bought.
Atkins Promises Coherent Crypto Rules
Atkins, who previously served as SEC commissioner, tried to reassure the room by promising a “rational, coherent and principled approach” to regulating digital assets. While he labeled current crypto rules “ambiguous and nonexistent,” his critics worry his approach may swing too far in the opposite direction after what some viewed as Gensler’s aggressive enforcement.
In a prepared statement released before the hearing, Atkins outlined his priorities. “A top priority of my chairmanship will be to work with my fellow Commissioners and Congress to provide a firm regulatory foundation for digital assets,” he said. However, Warren doesn’t buy that line, especially given his consulting history.
Warren also pointed out that Atkins failed to spot the 2008 financial crash while working in finance and regulation, suggesting that history might repeat itself under his leadership. She described him as “dangerous,” especially amid ongoing attempts to shape how cryptocurrencies are handled at the federal level.
