- Senator Warren accuses SEC Chair Paul Atkins of “open corruption” over a dropped case involving Devon Archer.
- Atkins previously served as a paid expert witness for Archer, who was convicted of fraud and later pardoned by Trump.
- The SEC has recently dropped multiple crypto-related cases as it shifts away from a strict enforcement approach.
Senator Elizabeth Warren has raised serious concerns about Securities and Exchange Commission (SEC) Chair Paul Atkins, accusing him of “open corruption” following the agency’s decision to dismiss a case involving one of his former clients. The claims come amid growing scrutiny of the SEC’s recent enforcement actions and policy shifts, especially under the leadership changes tied to the Trump administration.
Warren Points to Ethics Concerns Over Dismissed Case
On September 25, Senator Warren publicly criticized Chair Atkins after reports confirmed that the SEC dropped a case linked to businessman Devon Archer. Warren stated that the agency’s action followed a pattern of leniency toward Wall Street interests. She said Trump’s SEC chair “spent his career advising big banks and giant corporations.”
According to Warren, it was no surprise that the commission is now dismissing cases involving people with ties to the financial elite. The senator described the move as another sign of “open corruption” and accused the administration of weakening regulatory oversight.
SEC Chair Previously Tied to Defendant in Dismissed Case
The concerns emerged after journalist Kenneth P. Vogel reported that Paul Atkins had previously been paid $1,450 per hour by Archer’s legal team. Atkins had served as an expert witness in a case where Archer was accused of defrauding a Native American entity in 2018.
Archer was convicted of securities fraud in the same year and later received a pardon from former President Donald Trump. A spokesperson for Atkins stated that he recused himself from the decision-making process regarding the dropped case. However, critics remain concerned about potential conflicts of interest at the commission.
SEC Retreats From Previous Enforcement Strategy
In 2025, the SEC announced a new direction for regulating digital assets. The agency moved away from the enforcement-heavy tactics used during Gary Gensler’s tenure. A Crypto Task Force was launched in January to guide the agency through what it called a “sensible regulatory path.”
This shift coincides with the SEC dropping several high-profile crypto cases in recent months. These included enforcement actions involving companies such as Ripple, Coinbase, and OpenSea. Lawmakers have begun to closely examine the SEC’s actions under its current leadership.
With Warren speaking out publicly, the political spotlight now centers on how the agency manages cases involving past affiliations. While Atkins’ office maintains that proper procedures were followed, Warren’s remarks indicate that further inquiries may be on the horizon. As the agency continues to reshape its regulatory stance, oversight from Congress appears to be intensifying.
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