U.S. Senator Presses Trump's SEC Nominee on Crypto and FTX Links

In a letter ahead of Atkins' confirmation hearing, the senator highlighted concerns about his consulting work for major crypto firms, including the now-defunct exchange.

output: U.S. Senator Elizabeth Warren has raised concerns about the Trump administration's nominees for key financial posts, highlighting worries about crypto ties and potential conflicts of interest.

In a letter to President Trump's nominee for the Securities and Exchange Commission (SEC), Mark E. Atkins, the senator expressed alarm over reports that the former president's nominee had ties to major cryptocurrency firms and the now-defunct exchange FTX.

Atkins, who founded the consulting firm Patomak Global Partners in 2009, has advised banks, decentralized finance (DeFi) platforms, and exchanges. Reports suggest that FTX enlisted his firm's services in early 2022 before its collapse, while his firm also worked with DeFi platforms like Aave and Compound.

Senator Warren, known for her critical stance on Wall Street and big corporations, wanted to understand if Atkins was aware of any fraudulent activities at FTX and how his deep industry ties might influence his regulatory approach at the SEC.

"I am concerned that, given his extensive consulting work for major crypto firms and his close ties to the former president's family members, Mr. Atkins's nomination to the S.E.C. would create significant problems and raise serious questions about conflicts of interest," the senator wrote.

Her letter comes as the SEC undergoes a major shift in its stance on crypto. Chair Gary Gensler has been rolling back past enforcement actions and revising the regulator's thinking on digital assets.

Atkins's confirmation hearing, which is set alongside other key financial appointments, could face resistance from lawmakers wary of his crypto connections.

Senator Warren also took aim at Trump's own crypto dealings, which include his memecoin, $TRUMP, and his ties to Justin Sun, the founder of Tron.

The S.E.C. previously accused Sun of selling unregistered securities, yet later dropped its case against him—something the senator sees as suspect, especially given Sun's role as an advisor to a DeFi initiative backed by Trump's family.

She pressed Atkins on whether he had discussed Sun, $TRUMP, or potential regulatory exemptions with the former president.

"I urge you to carefully consider the implications of Mr. Atkins's nomination and to prioritize candidates who will serve the public interest without undue influence from special interests or campaign contributions," the senator concluded her letter.