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Paul Atkins is a swamp creature who will help his big bank buddies get rich in a second Trump term. Atkins has consistently opposed financial regulation of banks, including Dodd-Frank rules which were put in place to prevent another Great Recession. Atkins also opposed measures to lower costs for investors and voiced support for allowing companies to reward executives with non-public information. Atkins’ nomination is receiving the most praise from the crypto industry who know Atkins has deep ties to the community and favors less regulations. Atkins’ consulting company even worked for FTX before it collapsed due to fraud. |
Paul Atkins Opposed Dodd-Frank Regulations. According to ProPublica, "Governments, in Atkins’ view, share this hubristic notion. When they try to corral capital markets to prevent exploitative or risky behavior, they end up hurting the economy. Since the financial crisis, Atkins has been a part of the steady assault on Dodd Frank. 'The real tragedy — or inconvenient truth — behind Dodd-Frank and the hundreds of other rules flowing from Washington every year is that consumers, investors, and small business are harmed the most,' he told Congress in May." [ProPublica, 11/23/16]
Dodd-Frank Regulations Were Developed After Great Recession To Prevent Risky Bank Behavior. According to the Council on Foreign Relations, "In the wake of the 2008 financial crisis, the U.S. Congress created a sweeping financial regulation that its proponents hailed as a safeguard against future crises. That legislation came to be known as Dodd-Frank, short for the Dodd-Frank Wall Street Reform and Consumer Protection Act. Its provisions restricted banks from trading with their own funds (the 'Volcker Rule'), heightened monitoring of systemic risk, tightened regulation of financial products, and introduced consumer protection initiatives. " [Council on Foreign Relations, 5/8/23]
Paul Atkins Opposed Rule To Lower Costs For Investors When Purchasing Stocks. According to the Wall Street Journal, “During Atkins’s time as an SEC commissioner, a role he assumed in 2002, Atkins opposed a landmark SEC regulation that created a national electronic market for stock trading. The rule tried to ensure that investors’ orders would be routed to the exchange displaying the best price. Before that, price quotes were fragmented across the different stock exchanges and investors could have their orders filled at inferior prices. Atkins argued the new regime would thwart competition and micromanage stockbrokers who were expected to discreetly fill orders for their clients, not just chase the lowest price. Gensler recently amended those landmark rules to permit many stock prices to be quoted in increments of less than a penny.” [Wall Street Journal, 12/4/24]
2006: Paul Atkins Supported Allowing Companies To Grant Stock Options Before Disclosing Positive News. According to AP News, "He caused a stir in the summer of 2006 when he said the practice of granting stock options to executives before the disclosure of news that was certain to increase the share price did not constitute insider trading." [AP News, 12/4/24]
Paul Atkins Opposed Recent SEC Regulation Of Crypto Industry. According to NPR, "His selection of Atkins, a well-known crypto backer, could now help propel the industry further. Atkins has expressed reservations about the enforcement actions taken by the SEC against the domestic crypto industry, saying it could drive the industry abroad instead of developing it in the U.S." [NPR, 12/3/24]
Paul Atkins Has Deep Ties To The Crypto Industry. According to the New York Times, “Mr. Atkins, a lawyer, has been playing an active role in helping to draft ‘best practices’ for crypto trading platforms as co-chair of the Token Alliance, which is part of the Digital Chamber of Commerce. He is also on the advisory board for Securitize, a digital asset firm that promotes the use of digital tokens.” [New York Times, 12/4/24]
Trump Previously Called Cryptocurrencies A “Scam” Before Flip-Flopping
Trump Previously Called Cryptocurrencies A “Scam” Despite Strong Support For The Industry Today. According to NPR, "Just a few years ago, Trump had called cryptocurrencies a 'scam' and told Fox Business they were 'potentially a disaster waiting to happen.' Sponsor Message But he has changed his mind. During this year's election campaign, Trump promised to make to make the U.S. 'the crypto capital of the planet' by bringing in friendly regulators and ending the types of tough enforcement actions taken against the sector under President Biden. His family also has financial interests in a crypto-related company called World Liberty Financial." [NPR, 12/3/24]
Paul Atkins’ Consulting Company Worked For FTX Before It Collapsed Due To Fraud. According to the Wall Street Journal, “Atkins has for the past 15 years led a consulting firm, Patomak Global Partners, that advises banks, public companies and digital-asset firms. One of its clients was FTX, the failed crypto exchange founded by Sam Bankman-Fried. Patomak signed on as an adviser to FTX in January 2022, according to a filing in the FTX bankruptcy case. The crypto exchange hired Patomak for strategic advice for its U.S.-regulated derivatives business, a person familiar with the matter said. FTX collapsed in November 2022, and the next year Bankman-Fried was convicted of fraud for misappropriating billions of dollars worth of customer funds.” [Wall Street Journal, 12/4/24]