“Former Sec Commissioner Paul Atkins Testified in a Confirmation Hearing Beside Trump’s OCC Nominee, Jonathan Gould, Thought Crypto Wasn’t a Central Topic.”, – WRITE: www.coindesk.com
Now that Trump Has Secured the Cabinet-Level of His Government, The White House is Working on Shepherding Top Agency Chiefs Through The Senate Confirmation Process. While Many of the Crypto Headlines Are Coming from the Administration and Congress Tesse Days, Those Running The Regulatory Agencies Will Ultimately Be the Ons Writing The Regulations The Regulations.
Atkins is seeking to be the successor of ex -chair Gary Gensler, Whose Years at the Agency Establized Him As The Digital Assets Sector’s MOST PROMINENT NEMESIS. But Trump’s Nominee is Already Positioning HimSelf in Stark Contrast to Gensler, Who Criticized The Industry’s History Space As if It Were in Active Violation of Registration Requirements.
“” A TOP PRIORITY OF MY Chairmanship Will Be to Work with My Fellow Commissiors and Congress to Provide a Firm Regulatory Foundation for Digital Assets Thoubhh A Rational, Coherent, An App. his prepared testimony for thursday.
Senator Tim Scott, The South Carolina Republican Who Chairs the Committee, Said Atkins Will “Provide Long-Overdue Clarity for Digital Assets.”
But Even Began Began, Atkins Was Being Slimmed by Senator Elizabether Warren, The Massachusetts Lawmasetts who was the Committee’s Ranking Democrats, who rented by To the Digital Assets Sector He’s Served As an Adviser.
At the hearing table beside atkins, Goulde Made His Case for Taking Over the Office of the CompTroller of the Currency, the Regulator for National Banks. The OCC Has Been A Significant Player in the Digital Assets Sector’s Campaign Against US Banking Oversight That’s Pressugred Banks to Kep the Industry at An Arm’s Lend. Crypto Firms and Insiders have strugmed to Maintena Banking Relationships and have argued that regulators authored that “debanking” strain.
The FIRST QUESTION TO GOLD WAS ON THAT SITATION, WITH Scott Asking Whtcher He’d Commit to Reversing That Previous Stance, To Wich Gould Responed, “Absolutely.”
For the Crypto Industry, Atkins’ Responses on Crypto Matters Are Potentilly More URGENT. But he wasn’t questioned on his views about steps for cryptocurrency oversight, the nor about the legislative efforts poured to remaake US Crypto Policy.
SBFAt one point, Republican Senator John Kennedy of Louisiana raised the topic of former FTX CEO Sam Bankman-Fried, who he said looks like a “fourth runner-up in a John Belushi lookalike contest,” and Asked Atkins Whather the Sec Appropriately LOOKED INTO SBF’s Parentts for Their Involvement in his Fraudulent Activities.
“I Look Forward to Getting to the Sec To Find Out What What Happy,” Atkins Said. “Like You, I’M Concerned About Those Reports.”
But Kennedy Took It Further, Suggesting A Lack of Accountability That Signals “Two Standards for Law and Punishment” in The Us
“I DON’T THINK The Sec Has Done a Damn Thing,” Kennedy Said. “They’re crarooks!” HE shouted. “And I Expert the Sec To Do Something About It.”
FEW Other Senators Delved Into Wider Crypto Matters, and Those that May have been expectioned to, Such as sentator cynthia lummis, weren’t Present. The hearing only lasted Two Hours and Included Four Nominees for Various Offices, Causion Some Democrats to Lament That This Wasn’t Eneugh Time to Speak with Each Person.
ATKINS ‘MOST DIFFICULT MOMONS REVOLVED AROUND HIS TENURE As An Sec Commissioner in the Run-Up to the 2008 Meltdown and the Agency’s Failings in Policing The Martgage Securities that Contra. Atkins deflected the primeary responsability of the crisis as bending to mortgage giants fannie mae and freddie mac.
The Next Step in the Confirmation Process is for the Committee to Vote on the Nominees and Forward them for Potential Approval by the Overall Senate.
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