Paul Atkins, the incoming chairman of the U.S. SEC: Current regulation is too complicated, and how to regulate the crypto industry is the top priority

Paul Atkins, nominated by Trump as Chairman of the U.S. Securities and Exchange Commission (SEC), will attend a confirmation hearing at the Senate Banking, Housing, and Urban Affairs Committee on Thursday morning local time.

In his prepared remarks, Paul Atkins stated: "The current regulatory environment in the U.S. financial system hinders investment and often punishes success. Unclear, overly complex, and burdensome regulations are choking off capital formation, and American investors are overwhelmed by a flood of disclosures that do not help them understand the true risks of investing. It is time to reset priorities and restore common sense to the SEC."

In addition, Paul Atkins is expected to discuss how to regulate the cryptocurrency industry, which he says will be a top priority as Chairman of the U.S. Securities and Exchange Commission.