Paul Atkins, the nominee for chairman of the U.S. Securities and Exchange Commission, attended a confirmation hearing at the Senate Banking Committee, where he emphasized the need to establish rules for digital asset management in his testimony, calling it an urgent challenge for innovation and investor protection. Paul Atkins also criticized some of the work done during Gary Gensler's tenure and promised to further investigate the FTX collapse to ensure a thorough investigation, thereby protecting investors, promoting efficient markets, and facilitating capital formation.

In response to questioning from Senator Elizabeth Warren, Paul Atkins emphasized the need to divest all financial assets that may pose a conflict of interest, including assets related to cryptocurrency and his consulting firm, Patomak Global Partners.