Critics say light-touch regulation may hurt investors
While Wall Street breathed a sigh of relief at President-elect Donald Trump’s pick of respected Washington lawyer Paul Atkins to lead the Securities and Exchange Commission, critics worry his light-touch philosophy and crypto-friendly stance will hurt investors.
“Paul is a quality pick who will have credibility on both sides of the aisle,” said Stephen Crimmins, who worked as an enforcement attorney at the SEC for 14 years, overlapping with Atkins for some of that time. “He knows securities regulation cold and has the people skills to get things done.” A self-avowed free marketeer, Atkins will be a marked change from the current SEC Chair Gary Gensler, who was appointed by Democratic President Joe Biden. Gensler cracked down on Wall Street and crypto firms with a hard-nosed style that upset industry executives and even some congressional Democrats.
“He grew up with the SEC and recognizes the important purposes of the agency,” Richard Hong, a partner with Morrison Cohen law firm who joined the SEC as a lawyer while Atkins was a commissioner there.‘DEREGULATION ZEALOT’ “Atkins ... is smart, experienced, and capable. Unfortunately, he is also a deregulation zealot and industry cheerleader,” said Dennis Kelleher, the CEO of Washington-based advocacy group Better Markets, who also noted that Atkins served in the Republican majority at the SEC in the years leading up to the 2008 crisis and the Bernard Madoff Ponzi scandal.
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