WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy for Better Markets, issued the following statement in connection with Better Markets’ new Fact Sheet, “Chair Atkins’ Agenda is the Industry’s Agenda”:

“The agenda of Paul Atkins, the chair of the Securities and Exchange Commission (SEC), is becoming apparent. Unfortunately, Atkins’ agenda betrays the investors whom the SEC exists to protect. Chair Atkins’ priorities appear to be giving the crypto community anything it wants, turning private markets into public markets without the rules that protect investors, and abandoning, delaying, or revising rules opposed by the financial industry.

“These would be sensible priorities if Atkins’ job was to promote the interests of the financial industry.  But William O. Douglas, the SEC’s third chair, said in 1937 that the SEC’s job is to be ‘the investor’s advocate.’ Yet Chair Atkins’ speeches, statements, and actions since being confirmed mark him as the industry’s advocate.

“The extent to which Chair Atkins seems to follow the industry’s lead is astounding:

• Coinbase says that tokenization—putting traditional securities on the same blockchain technology that undergirds crypto—is a huge priority for it, and Chair Atkins launches a project to move America’s financial markets on-chain.
• Blackstone says that one of its dreams is for ordinary investors to be able to access private funds, and Chair Atkins directs his staff to make that happen.
• The Managed Funds Association sends the SEC a letter proposing that it revisit rules it adopted during the Biden Administration and withdraw all proposed rules from that time that remain pending, and Chair Atkins does exactly that.

“After President Trump nominated Atkins to be chair of the SEC, crypto organizations, private asset managers, and industry trade groups all celebrated. It turns out they had good reason to do so. If his agenda thus far is any indication, they now control the SEC. Chair Atkins has said repeatedly that it is a new day at the SEC. So far, it appears that this ‘new day’ will be a great day for the financial industry and a terrible day for investors.”

The fact sheet is available online here.

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.