Paul Atkins, US President Donald Trump’s nominee to lead the Securities and Exchange Commission (SEC), disclosed combined employment assets of at least $327 million with his wife ahead of a scheduled confirmation hearing with the US Senate Banking Committee.
Atkins and his wife, Sarah Humphreys, held up to a combined $327 million in assets, in part through their respective stakes in Atkins’ consulting firm Patomak Global Partners and Tamko Building Products, according to a financial disclosure report made public by the US Office of Government Ethics on March 25.
Humphreys and her family members reportedly control a 75% stake in Tamco, the roofing business founded by her grandfather.
Atkins personally disclosed up to $78.8 million in total employment assets of: up to $15,000 each; between $25,000,001 and $50 million in membership interest at Patomak; between $250,001 and $500,000 in call options at Securitize, a real-world asset tokenization platform; and between $50,001 and $100,000 at financial technology company Pontoro.
If confirmed, Atkins he would resign as CEO of Patomak and divest his membership interest, as well as divest his stock options at Securitize. Atkins served as a commissioner at the agency from 2002 to 2008.
The financial disclosure was made public ahead of Atkins’ March 27 appearance before the Senate Banking Committee. Massachusetts Senator Elizabeth Warren, the ranking Democrat on the committee, called on Atkins to be prepared to answer questions related to his “deep involvement with FTX and other high-paying crypto clients.”
Related: What to expect at Paul Atkins’ SEC confirmation hearing
Atkins could also have some Republican allies on the committee and face some softball questions during his hearing. The prospective SEC commissioner previously met with Wyoming Senator Cynthia Lummis, who told Cointelegraph she expected he would “work quickly to provide regulatory certainty for the digital asset industry.”
Conflicts of interest regulating digital assets?
Other Trump administration officials have taken steps to mitigate any appearance of conflicts of interest.
David Sacks, Trump’s artificial intelligence and crypto czar, filed a notice on March 5 suggesting that his venture capital firm sold more than $200 million in crypto and related stocks ahead of assuming his role.
Trump has faced criticism from lawmakers and figures in the crypto industry for his family’s involvement with World Liberty Financial and the launch of his memecoin in January.
Atkins’ hearing will mark the first time US lawmakers will consider his nomination since Trump put his name forward as a replacement former SEC Chair Gary Gensler in December. Commissioner Mark Uyeda became acting chair of the agency following Gensler’s departure on Jan. 20.
Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions