SEC Chairman Paul Atkins: A Believer in Free Economy

Author: Airis.N Source: X, @AirN_619

Just yesterday, SEC Chairman Paul Atkins of Project Crypto delivered another speech at the OECD roundtable in Paris, advocating for his recognition and strong support for cryptocurrencies, reiterating the United States' determination to lead in the crypto space. Many industry leaders have also provided interpretations of his speech, and I won't elaborate further on that. Here is the original text attached; interested friends can take a look.

I want to thoroughly discuss the person Paul Atkins in this article, why he gained Trump's recognition, and why he strongly supports the crypto-friendly policies under the Trump administration, as well as interpreting the essence of his mutual pursuit with Trump.

Educational Background:

Paul S. Atkins was born in North Carolina and grew up in Florida, where the belief in free economics is prevalent. He completed his undergraduate studies at Wofford College, a typical small liberal arts college in the American South, known for its small class sizes, liberal education, and strict honor system. Wofford emphasizes critical thinking, a sense of responsibility, and community leadership, and its graduates often focus not only on professional skills but also on a commitment to public service.

Later, he entered Vanderbilt Law School for further study. This law school is renowned for its leadership in the integration of law and economics, emphasizing a cost-benefit analysis of legal and regulatory policies. Unlike the pure study of legal provisions, Vanderbilt trains students to think about market efficiency, corporate finance, and legal systems in combination. As a fellow legal professional, I have already begun to understand why Atkins, later in his career, was committed to achieving maximum financial benefits within the regulatory framework.

Entering Wall Street:

Atkins began his career at the Davis Polk & Wardwell law firm in New York, focusing on cross-border mergers and acquisitions and capital markets, and also worked for many years at the Paris office.

In the early 1990s, he joined the SEC as the chief of staff to the chairman, deeply involved in issues such as corporate governance, shareholder communication, and reforms of the proxy system. From 2002 to 2008, he continued to promote market reforms as a commissioner of the SEC.

Policy Concept:

If you had to summarize Atkins' career philosophy in three keywords, it would be:

1. Cost-benefit analysis - Regulation must be measured and cannot simply add burdens.
2. Transparency - Investors need clearer information to form an effective market.
3. Financing Threshold - Small and medium-sized enterprises must be able to obtain funds through the capital market, not just large companies.

These three concepts coincide perfectly with the inherent attributes of cryptocurrency.

Why support encryption?

Here is an interesting topic: after the financial crisis in 2008, Gary Gensler, the former SEC chairman known in the crypto space as the first strong proponent of crypto regulation, was then serving as the chairman of the CFTC (Commodity Futures Trading Commission) and took on the important task of repairing the financial crisis under the Obama administration. Gensler personally experienced the negative consequences of a highly unregulated financial derivatives market, which also to some extent influenced his attitude towards crypto.

In contrast, Paul Atkins returned to the financial world in 2009 and founded Patomak Global Partners, providing compliance and market consulting for financial institutions. His clients include giants such as Fidelity Securities, Goldman Sachs, and the U.S. Chamber of Commerce (he sold his shares this year, valued between $25 million and $50 million, and his family's assets exceed $300 million).

He has also served as the non-executive chairman of BATS Global Markets, witnessing the modernization of exchanges and the evolution of market liquidity.

Yes, the same financial crisis made Gensler realize the adverse consequences of the proliferation of the derivatives market, while Atkins saw the wealth opportunities brought by providing regulatory consulting for enterprises.

Therefore, encryption is not a "sudden turn", but rather a continuation of his consistent line of thought:

• On-chain financing → Just like the small and medium-sized enterprise financing reform of that year, it is all about lowering the threshold;
• Stablecoins and transparent data → In line with the market transparency principles he advocates;
• Capital efficiency → The liquidity mechanism of crypto assets, in line with his emphasized logic of cost-effectiveness.
• Relax regulation → Or clarify regulation, allowing regulatory consulting agencies to have clear indicators.

In other words, he does not support Crypto because it is "trendy," but rather because Crypto completely aligns with his original beliefs and path to success.

Project Crypto: Core Claims

In April 2025, after Atkins took office as the SEC chairman, he proposed Project Crypto, which is considered the clearest cryptocurrency strategy by a U.S. regulatory agency to date. Its main points include:

• Clarify that the majority of digital assets are not securities, reducing legal uncertainty.
• Eliminate complex regulations, clearly defining the financial and legal attributes of cryptocurrencies as commodities, avoiding tedious case-by-case reviews.
• Supports on-chain capital raising, making a compliant tokenization market possible;
• Establish a stablecoin and on-chain settlement system to promote the dominance of the US dollar in the cryptocurrency market;
• Promote inter-agency cooperation (working with CFTC, Treasury, White House working group).
• Support for cryptocurrency innovation, even supporting an integrated platform for trading, staking, and lending to enhance financial efficiency.

He believes that if the United States wants to maintain its financial leadership, it must establish compliance and market advantages in the field of digital assets.

Interests and Positioning

It has been pointed out that Atkins has maintained long-term advisory relationships with several crypto funds and consulting firms, which makes him inherently inclined to promote industry-friendly policies. But more importantly, he has emphasized that market competitiveness and capital efficiency are the core competitiveness of the American financial system. If the U.S. falls behind in the crypto space, capital will flow to Europe or Asia. In other words, while a financial crisis can be repaired, once market position is lost, it will never come back.

Atkins said in the speech: "Innovation will always flow to where it is most welcomed. It is the responsibility of regulators to ensure that innovation occurs in the United States, rather than being forced out."

From lowering the financing threshold for small and medium-sized enterprises in the 1990s to promoting the compliance of on-chain assets today, Atkins' logic has remained unchanged: making capital markets more open, transparent, and efficient.

Summary

The story of Paul Atkins is not so much a "transformation from traditional to crypto," but rather an extension of a straight line. The "transparency, efficiency, and inclusive financing" that he advocated in the past can all be found in practice today within Crypto. Therefore, Project Crypto is not a product of chance, but rather a natural result of his ideals over the decades.