Source: Cointelegraph Original: "{title}"
The Securities and Exchange Commission (SEC) chairman nominee Paul Atkins, nominated by President Trump, has disclosed assets of at least $327 million co-owned with his wife and will attend a confirmation hearing before the U.S. Senate Banking Committee on March 27.
According to a financial disclosure report made public by the U.S. Office of Government Ethics on March 25, the assets jointly held by Atkins and his wife Sarah Humphreys amount to $327 million, partly derived from their stakes in Atkins' consulting firm Patomak Global Partners and Tamko Building Products.
Reportedly, Humphreys and her family control 75% of Tamko, a roofing products company founded by her grandfather.
Atkins' disclosed assets include: membership interests in Patomak valued between $25 million and $50 million; options in Securitize (a platform for tokenizing real assets) valued between $250,000 and $500,000; and shares in fintech company Pontoro valued between $50,000 and $100,000.
If confirmed, Atkins stated he would resign as CEO of Patomak and sell his membership interests, as well as divest his stock options in Securitize. Atkins served as a commissioner of the agency from 2002 to 2008.
This financial disclosure was made public ahead of Atkins' appearance at the Senate Banking Committee hearing on March 27. Massachusetts Senator Elizabeth Warren, a senior Democratic member of the committee, has called for Atkins to be prepared to answer questions regarding his "deep involvement" with FTX and other high-paying crypto clients.
Atkins may also receive support from some Republican allies on the committee and could face some lenient questions during the hearing. He is expected to meet with Wyoming Senator Cynthia Lummis, who told Cointelegraph that she hopes he can "quickly provide regulatory clarity for the digital asset industry."
Conflicts of Interest in Digital Asset Regulation?
Other Trump administration officials have taken steps to mitigate any potential conflicts of interest.
Trump's head of artificial intelligence and cryptocurrency, David Sacks, submitted a notice on March 5 indicating that his venture capital firm had sold over $200 million in cryptocurrencies and related stocks prior to taking office.
Trump has faced criticism from lawmakers and figures in the crypto industry due to his family's ties to World Liberty Financial and his launch of a meme coin in January.
Atkins' hearing will mark the first time U.S. lawmakers will consider his nomination, which Trump proposed last December to replace former SEC Chairman Gary Gensler. Gensler left office on January 20, 2023, after which Commissioner Mark Uyeda became the acting chairman of the agency.
Related: Bitso to launch a stablecoin pegged to the Mexican peso on Arbitrum.
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