Former U.S. Securities and Exchange Commission (SEC) member Paul Atkins has disclosed considerable combined employment assets, amounting to at least $327 million alongside his wife, Sarah Humphreys, ahead of his upcoming confirmation hearing with the U.S. Senate Banking Committee. This financial disclosure, made public by the U.S. Office of Government Ethics on March 25, reveals a significant part of those assets stem from their respective stakes in his consulting firm, Patomak Global Partners, and the roofing company, Tamko Building Products.
Humphreys and her family hold a substantial 75% interest in the roofing business that was established by her grandfather, further adding to the family’s considerable wealth.
Among the detailed assets, Atkins personally listed up to $78.8 million, with several individual assets valued at up to $15,000 each. Notably, he holds membership interests at Patomak worth between $25,000,001 and $50 million, call options at Securitize valued between $250,001 and $500,000, and investments in Pontoro valued between $50,001 and $100,000.
Should he be confirmed as an SEC commissioner, Atkins has pledged to resign as the CEO of Patomak and divest his interests in the firm as well as his stock options at Securitize.
This disclosure comes as Atkins prepares to face questions from U.S. lawmakers during the Senate Banking Committee’s hearing scheduled for March 27 regarding his nomination. Massachusetts Senator Elizabeth Warren, the ranking committee member, has urged Atkins to be ready to discuss his significant involvement with FTX and other high-profile cryptocurrency clients.
Additionally, while Atkins may count on some support from Republican committee members, he might also encounter soft questions during his hearing. For instance, he previously met with Wyoming Senator Cynthia Lummis, who has expressed confidence in his commitment to swiftly provide regulatory clarity for the digital asset sector.
Evaluating Conflicts of Interest in Digital Asset Regulation
Atkins’s assurances to divest any interests with potential conflicts of interest will be closely scrutinized, especially as other officials in the Trump administration have similarly claimed to take proactive steps toward divesting from cryptocurrency-related assets. For example, David Sacks communicated on March 5 that his venture capital firm had sold over $200 million worth of cryptocurrency and related stocks prior to stepping into his role as the White House AI and crypto czar. Conversely, President Trump’s ties to the firm World Liberty Financial and his involvement in launching a memecoin have raised eyebrows among lawmakers and the crypto industry alike.
Atkins’s confirmation hearing on March 27 will be pivotal as it represents the first time U.S. lawmakers will assess his nomination since Trump nominated him for the position to succeed former SEC Chair Gary Gensler in December. Following Gensler’s exit, Commissioner Mark Uyeda has been serving as the acting chair of the agency since January 20.
In summary, as Paul Atkins prepares to navigate the complexities of regulatory oversight in the digital asset landscape amid potential conflicts of interest, all eyes will be on the Senate Banking Committee’s assessment of his qualifications and the implications his confirmation could have on the future of cryptocurrency regulation in the U.S.
