Paul Atkins, nominated by President Donald Trump to chair the U.S. Securities and Exchange Commission (SEC), faced scrutiny during his confirmation hearing before the Senate Banking Committee. Atkins, who previously served as an SEC commissioner under President George W. Bush, disclosed holdings of up to $6 million in crypto-related assets, raising concerns about potential conflicts of interest. Senator Elizabeth Warren, a noted crypto skeptic, questioned Atkins' connections to the digital assets industry, particularly his past affiliations with the now-defunct FTX exchange. Atkins founded Patomak Global Partners, a consultancy that advised several crypto firms, including FTX, and he has promised to sell his stake in the company if confirmed. Atkins vowed to prioritize establishing a 'firm regulatory foundation for digital assets' through a 'rational, coherent, and principled approach.' He criticized the regulatory environment under former SEC Chair Gary Gensler, arguing that it stifled innovation and investor confidence. Atkins aims to work with Congress and fellow commissioners to provide clear guidelines for the crypto industry. Senator Tim Scott pressed Atkins on the SEC's approach to crypto, highlighting concerns over Operation Choke Point 2.0 and discrimination against crypto firms. The hearing also touched on broader regulatory issues, with Atkins expressing concerns about the current financial system's regulatory environment. He emphasized the need for regulations that promote investment and capital formation while protecting investors. Atkins also committed to reviewing the SEC's oversight of the FTX crisis, particularly the role of Sam Bankman-Fried's parents and Stanford University. In the crypto market, Bitcoin was down 3.2% to $84,186, and Ethereum was down 6.5% to $1,882 in the last 24 hours.