Morning Wire Chairman Paul Atkins on Restoring America’s Capital Markets
Dec 7, 2025
SEC Chairman Paul Atkins discusses the troubling decline in U.S. companies going public due to rising regulatory barriers. He critiques politicized rule-making, arguing it stifles innovation. Atkins also highlights the need for better oversight of crypto to foster growth. He proposes streamlining the IPO process to cut costs and time. Citing Hamilton, he defends free markets and property rights while tackling issues with foreign-listed Chinese companies and stock manipulation.
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Regulate To Retain Innovation
- Paul Atkins argues the SEC previously treated financial innovation like a war to be fought rather than a technology to be integrated.
- Embracing innovation under regulation keeps firms domestic and prevents chasing activity offshore.
FTX Versus LedgerX Example
- Atkins recounts FTX's collapse and contrasts it with LedgerX, a CFTC-regulated platform that protected customers.
- He uses LedgerX's survival and sale from bankruptcy as proof that responsible regulation can work.
Why Fewer Companies Go Public
- Atkins notes the U.S. has roughly half as many public companies as 30 years ago due to fewer IPOs replacing exits.
- He links this decline to rising regulatory costs, litigation risk, and politicized shareholder pressure.