US businessman Paul Atkins was officially enslave As 34th chairman of the American Securities Commission (sec). These are the main facts on the new Top COP of Wall Street.
Made 1. Oppose the Post-enron Sarbanes-Oxley law
Atkins, who was appointed SEC commissioner by former president George W. Bush in 2002, firmly opposed the Bipartite Sarbanes – Oxley law, which was adopted to improve business audit standards and financial reports as a result of major scandals such as Enron.
The libertarian was expressed against the radical regulatory provisions of the law.
Atkins also opposed important sanctions for the reprehensible acts of companies.
Made 2. Be blamed for having contributed to the GFC
The deregulatory environment created by the SEC during Atkins' mandate was also partly blamed for laid the foundations for the global financial crisis (GFC).
The modification of the net capital of capital of 2004 has enabled investment banks to considerably increase the leverage, thus considerably increasing the level of risk.
Related
As U.TODAY reported, this point was mentioned by the Anti-Crypto Massachusetts Elizabeth Warren senator during a recent confirmation audience.
Made 3. Found Patomak Global Partners
After having separated from the SEC in 2008, Atkins founded the consulting firm Potomak Global Partners. Company customers include financial service companies, asset managers, insurance companies, etc.
After being chosen to direct the FTX, Atkins said that he would disinvest his stake.
Make 4. A great supporter of the crypto
Atkins is known as a major supporter of cryptocurrency. In 2017, he became co -president of Token Alliance, a well -known crypto lobbying group. His disclosure also revealed important cryptographic participations.
His appointment was widely celebrated in the cryptography industry, with senior executives expressing their support.
Earlier this month, he said The Senatoric Banking Committee that cryptographic regulations are absolute priority.
Fact 5. Serve as an advisor to the FTX
Atkins was also an advisor to the FTX exchange, now disappeared, which went to the belly at the end of 2022. Patomak was pressure on the odious cryptographic platform alongside the former CFTC commissioner, Mark Wetjen, and some other leading names. The company signed as an advisor at the beginning of 2022.
