Chairman Paul Atkins on Restoring America’s Capital Markets

Summary

---

Morning Wire – Chairman Paul Atkins on Restoring America’s Capital Markets

Podcast: Morning Wire
Hosts: John Bickley, Georgia Howe
Guest: SEC Chairman Paul Atkins
Release Date: December 7, 2025

---

Episode Overview

This episode features an in-depth discussion with SEC Chairman Paul Atkins following his headline-making speech at the New York Stock Exchange. The conversation centers on revitalizing America’s capital markets, addressing regulatory burdens, combating the politicization of financial rules, especially ESG mandates, and holding foreign entities—especially Chinese companies—accountable in U.S. markets. Atkin’s push is to “make IPOs great again” and restore Hamiltonian principles of free markets and individual liberty.

---

Key Discussion Points & Insights

1. Political Weaponization of Financial Regulation

[03:35 - 05:51]

• Chairman Atkins criticizes the previous administration for using SEC rules as “political weapon.”

• Cites the U.S. and China as the only major countries “trying to make cryptocurrencies illegal” via heavy-handed regulation.

  • Quote:
    “There were really only two countries in the world that were working to make cryptocurrencies illegal, and that's Communist China and the United States through the securities and Exchange Commission. So not a good sign.” — Paul Atkins [03:54]

• Atkins argues for adapting regulations to support, not stifle, technological innovation in financial markets.

• Example: FTX and LedgerX

  • Contrasts FTX’s collapse (offshore, less oversight) with U.S.-regulated LedgerX, which “didn’t skip a beat” and protected customers.
  • Quote:
    “That's an example of how responsible regulation and embracing financial innovation can lead to benefits for everybody.” — Paul Atkins [05:35]

---

2. The Shrinking Path to Public Ownership – The IPO Drought

[05:51 - 08:23]

• The number of public companies in the U.S. has halved in 30 years due to mergers, bankruptcies, and lack of new entrants.

• Barriers to going public:

  1. High regulatory compliance costs
  2. Litigation risks (especially from frivolous lawsuits)
  3. Weaponization of corporate governance by special interest groups
     • Shareholder proposals are increasingly used for social/political pressure, not economic focus.
  • Quote:
    “The idea is to make IPOs great again... to make it cool to be public again.” — Paul Atkins [06:23]
    “Shareholder proposals... have been weaponized over the years by politicized shareholder activists who are pushing social agendas.” — Paul Atkins [07:35]

---

3. ESG, DEI, and Special Interest Distraction

[08:23 - 09:10]

• Environmental, Social, and Governance (ESG) and Diversity, Equity, Inclusion (DEI) requirements are cited as sources of unnecessary burden and distractions from core business goals.
  • Quote:
    “So Environmental activists, social activists, that sort of thing is what we're talking about here...These are really more side issues and not central to what's important for the economics of the company. So they're distractions.” — Paul Atkins [08:31, 08:40]

---

4. Modernizing and Streamlining the IPO Process

[09:10 - 10:24]

• Atkins likens current SEC regulations to “a boat with barnacles”—outdated, cumbersome, and slowing progress.
• Commitment to reviewing the rulebook for relevance and trimming unnecessary rules.
  • Still, much of the process is stuck in a “paper world from the 1930s and 40s” and needs modernization for today’s markets.
  • Quote:
    “But there have been... we're still living in a paper world from the 1930s and 40s with our rule book and it's time to make it fit for purpose for the 21st century.” — Paul Atkins [10:09]

---

5. Restoring Hamiltonian Principles

[10:24 - 11:36]

• Atkins invokes Alexander Hamilton’s vision of America’s capital markets: free markets, individual liberty, and protection of private property.
  • Quote:
    “Hamilton basically stood for the power of free markets and individual liberty and choice... the protection of private property, the pursuit of livelihood and as they use the term happiness, which...was a concept of proper balance.” — Paul Atkins [10:34, 10:44]
• Argues current regulatory and cultural trends have led the markets away from these founding ideals.

---

6. Holding Foreign (Especially Chinese) Companies Accountable

[11:38 - 14:41]

• Discusses persistent loopholes allowing some foreign companies (notably Chinese) to list on U.S. exchanges without full compliance to American standards.
  • Many Chinese firms register abroad (e.g., Caribbean islands) but list in the U.S., exploiting “substituted compliance” and creating regulatory asymmetry.
  • These companies have sometimes been subject to stock manipulation (“ramp and dump” schemes).
  • Under Atkins, the SEC is increasing oversight, stopping trading of suspect stocks, and working closely with NASDAQ.
  • Quote:
    “But if the Chinese companies now they're listed in the United States, they should be under American regulation...But because of this kind of loophole in our laws, are not subject to that. We give them exemption from that. That's what we're looking at.” — Paul Atkins [13:08]
  • Action: About a dozen fraudulent companies have had their trading stopped under Atkins’ watch.

---

Notable Quotes & Memorable Moments

• “There were really only two countries in the world that were working to make cryptocurrencies illegal, and that's Communist China and the United States through the securities and Exchange Commission.” — Paul Atkins [03:54]
• “That's an example of how responsible regulation and embracing financial innovation can lead to benefits for everybody.” — Paul Atkins [05:35]
• “The idea is to make IPOs great again and to make it cool to be public again.” — Paul Atkins [06:23]
• “Shareholder proposals... have been weaponized over the years by politicized shareholder activists who are pushing social agendas.” — Paul Atkins [07:35]
• “Hamilton basically stood for the power of free markets and individual liberty and choice.” — Paul Atkins [10:34]
• “But if the Chinese companies... are not being regulated in their home country... they should be under American regulation. But because of... loophole in our laws, are not subject to that. We give them exemption from that. That's what we're looking at.” — Paul Atkins [13:08]

---

Timestamps of Key Segments

• [03:35] — Atkins introduces the dangers of politicized regulation and crypto policy
• [05:51] — The shrinking population of public companies and obstacles to going public
• [07:35] — “Weaponization” of shareholder proposals and special interest activism
• [08:31] — The role of ESG and DEI in distracting companies from shareholders’ interests
• [09:20] — Modernization needed for the IPO process and SEC regulations
• [10:34] — Hamiltonian vision for American capital markets
• [11:38] — Regulatory loopholes and risks of Chinese companies on U.S. exchanges

---

Conclusion

SEC Chairman Paul Atkins delivers a robust defense of free-market principles, called for regulatory rollback and modernization, and laid out plans to clamp down on political activism via corporate governance mechanisms. His approach aims to lower IPO barriers, encourage innovation, and ensure a level playing field for all, including foreign (especially Chinese) companies wanting access to American capital.

“The question before us is not whether our entrepreneurs have the capacity to reinvent and reinvigorate our capital markets, but whether we as regulators have the will.” — Paul Atkins [01:46]

This episode provides clear insight into the policy direction of the SEC under Atkins, the obstacles facing American capital markets, and the regulatory reforms ahead.

Transcript

[Stitch Fix Advertiser]

Shopping is hard, right? But I found a better way. Stitch Fix Online Personal styling makes it easy. I just give my stylist my size, style and budget preferences. I order boxes when I want and how I want. No subscription required. And he sends just for me pieces plus outfit recommendations and styling tips. I keep what works and send back the rest. It's so easy. Make style easy. Get started [e-mail] Spotify that's stitchfix.com Spotify.

[Daily Wire Host]

Our Daily Wire + Cyber Week sale is live. All annual memberships are 50% off. And this year you get more than ever more new daily shows from the.

[Stitch Fix Advertiser]

Most trusted voices in conservative media. Uncensored ad free, available an hour before you can see or hear them anywhere else. DailyWire plus is premium entertainment built to compete with the best that's out there. Epic Productions Cinematic storytelling. Every project crafted with major studio precision, but grounded in truth, not trend.

[Daily Wire Host]

That standard comes to life with the Pendragon cycle the Rise of The Merlin. The seven part cinematic epic premieres January 22, 2026, exclusively on Daily Wire. All Access members get early access to episodes one and two on Christmas Day.

[Stitch Fix Advertiser]

Your annual membership for 50% off gets you full access to everything else we're building next.

[Daily Wire Host]

The Cyber Week sale ends Monday, December 8th. When it's gone, it's gone.

[Stitch Fix Advertiser]

Go to DailyWire.com subscribe and join right now.

[Narrator/Reporter]

In a speech before the New York Stock Exchange this week, SEC Chairman Paul Atkins slammed the Biden administration for using financial rules as political weapon. While sporting a bright red make IPOS great again hat. Atkins promised to return to what he called America's Hamiltonian dynamism and to bring an end to the mountains of ESG disclosures and red tape that have throttled innovation and driven companies overseas.

[Daily Wire Host]

The question before us is not whether our entrepreneurs have the capacity to reinvent and reinvigorate our capital markets, but whether we as regulators have the will. In this new day, the SEC and under President Trump's leadership, I am pleased to report that we do.

[John Bickley (Daily Wire Executive Editor)]

In this episode, we sit down with Chairman Atkins to discuss how to make initial public offering markets great again and how we can keep countries like China honest when trading with the U.S. i'm Daily Wire Executive Editor John Bickley with Georgia Howe. This is a weekend edition of Morning Wire.

[Balance of Nature Advertiser]

Consistency is everything when it comes to your health, but life gets busy. And honestly remembering to reorder supplements every month, that's just one more thing on your already packed to do list. That's why I became a balance of Nature preferred customer. And here's why. It's a total game changer. Your supplements show up like clockwork every 28 days right to your doorstep. No remembering to reorder, no running out. It just happens automatically. And here's the kicker. You're getting the lowest price Balance of Nature offers every single time. No hunting for deals, no promo codes, no stress. Plus, shipping is totally free every month. But what really sold me is you get your own personal health coach, someone who actually checks in, cheers you on, and helps you stay on track with your goals. The easiest routines are the ones you don't have have to think about. You handle life, Balance of Nature handles the rest. Right now you can become a preferred customer and lock in wholesale pricing, free shipping every month. Head over to balanceofnature.com and make consistency automatic. Go to balanceofnature.com and use promo code wire for 35% off your first order as a preferred customer. Plus get a free bottle of fiber and spice. That's balance of nature.com promo code wire.

[John Bickley (Daily Wire Executive Editor)]

Joining us now is Chairman Paul Atkins. Chairman, first of all, thank you so much for joining us.

[Daily Wire Host]

Well, thank you very much, John. Great to be with you.

[John Bickley (Daily Wire Executive Editor)]

Now, you just gave this major speech before the New York Stock Exchange. You took aim at the previous administration's regulations. In particular, you said they were used politically. How has that affected things?

[Daily Wire Host]

Well, I think it skewed the marketplace, for example. And in one area which many of your viewers might be familiar with and following is sort of the digital asset area, cryptocurrencies and whatnot. There were really only two countries in the world that were working to make cryptocurrencies illegal, and that's Communist China and the United States through the securities and Exchange Commission. So not a good sign. That tells you one thing. So, you know, we are, we've, we're taking a different tack at that, of course. And so we are trying to, you know, embrace technological advancements and innovation and because I think it's much more important to embrace it and to make sure it fits within our laws and rules here in the United States rather than the alternative is chase it offshore. And we saw what happened with FTX there, which was Sam Bankman Fried's operation, which was in the Bahamas. And he did a lot of panky panky there and hand in the, in the till and whatnot, but he had one. And this is the example I like to show. There was one legitimate firm that he had bought that was still operating in the United States. And it was a Swaps trading platform for cryptocurrencies. And that was under CFTC regulation. And it had abided by, you know, segregated accounts for customers. So when FTX imploded, LedgerX, it was called, didn't skip a beat. It operated, no customer lost any assets. And then here recently, it was just sold out of the bankruptcy estate.

And it lives on to do good by its customers. So that's an example of how responsible regulation and embracing financial innovation can lead to benefits for everybody.

[John Bickley (Daily Wire Executive Editor)]

You said during your speech that the path to public ownership has become narrower and costlier. How do we reverse that? How do we get back to broader and more affordable?

[Daily Wire Host]

Well, so we're talking about companies becoming public. And so today we have about half the number of public companies as we had 30 years ago. And so that comes about, you have mergers and acquisitions and you have bankruptcies and whatever. But so that takes the companies out of that population. And unless you have new ones coming in to replace the defunct ones, then you're going to have necessarily a diminishing number of corporations. So over. What I'm suggesting here is that we address the reasons why people don't want to go public. So the idea is to make IPOs great again, initial public offerings great again, and to make it cool to be public again. And the reason why people do not want to take their companies public is one, the high cost of abiding by the regulations that the SEC has imposed over the years. Two is the litigation issues around a lot of frivolous lawsuits, let's say, that are filed against public companies because lawyers know that they can extract some settlement and then get contingency fees out of that. And then finally is the weaponization of corporate governance. So shareholder proposals, many of your listeners probably have owners of securities in one way or another. And so you often, every year for the annual general shareholder meeting, you get a proxy statement in the mail. And oftentimes there is at least one or more things that shareholders are asked to vote on. So those have been weaponized over the years by politicized shareholder activists who are pushing social agendas. And another, they have their axe to grind about something. Most of these things don't get adopted by the shareholders at the annual meeting, but it's used to pressure management in order to kind of extract from management concessions that advance the interests of these special interest groups.

[John Bickley (Daily Wire Executive Editor)]

Are you talking about ESGs there? That's something that we've reported on in the past, that kind of political agenda.

[Daily Wire Host]

A part of it, yeah, esg dei, that whole thing. So Environmental activists, social activists, that sort of thing.

Is what we're talking about here. So this is a way to. That's why companies, I mean these things are not central to why or how in general how a company makes money for its. That's what they're in the business for after all, is to make money for their shareholders through dividends and whatnot. And so these are really more side issues and not central to what's important for the economics of the company. So they're distractions.

[John Bickley (Daily Wire Executive Editor)]

As I understand it, one of the other impediments to going public is the time it takes the process. Is there anything being done or can be done to speed it up?

[Daily Wire Host]

Well, that's one thing we'll be looking at as well. So all of this is compare it to a boat, if you have a boat and you don't tend to it at least every year and scrape the barnacles off, know you're going to slow down as process through the water. And so that's what we're going to try to do here. But you know, go through the, our rule book and try to throw out things that don't deal with financial materiality of a company. And so, and then, so that's where the, you know, the cost of it is. Lawyers and accountants and everything else to go over disclosures that have just grown over time. But then you're talking about the, the actual time to market, which is very important obviously. But there have been basically we're still living in a paper world from the 1930s and 40s with our rule book and it's time to make it fit for purpose for the 21st century.

[John Bickley (Daily Wire Executive Editor)]

I did want to ask you one more question about your speech. You mentioned Alexander Hamilton and his vision for capital markets. What specific Hamiltonian principles do you think we've drifted away from?

[Daily Wire Host]

Well, I mean, Hamilton basically stood for the power of free markets and individual liberty and choice.

As to pursuing what the Constitution, Declaration of Independence were talking about and that's the protection of private property, the pursuit of livelihood and as they use the term happiness, which is not necessarily let's skip down the street and be happy and whistle, but it was a concept of proper balance.

And to find that proper balance is what the Constitution guarantees. So anyway, so that's what Hamilton was focused on and I think he was correct. And so that. And Ludwig von Mises also has talked about the importance of free enterprise and individual liberty. To make your choices and to.

Pursue.

[John Bickley (Daily Wire Executive Editor)]

What your goals are switching gears a little bit now. I wanted to ask you about China, China doesn't follow the same disclosure agreements that other countries do. Is that set to change anytime soon?

[Daily Wire Host]

Yeah, well, I mean, obviously they have generally a different system than we. So that's one issue that obviously the SEC will never change. But at the same time, we have seen over the years a real change, the type of companies that are being listed here in our markets from East Asia in particular. And so in particular China, where a company may have operations or management or whatever based in China, and then they are incorporated maybe in the Caribbean, on Barbuda or different islands down there, Cayman Islands. And then their primary listing is here in the United States on Nasdaq. And over the years, I think it's Great, what the SEC has done over the last 40, 50 years is to encourage foreign companies to list here in the United States because then Americans can buy these shares under American law and with American protections and disclosure and all of that, which I think is valuable, rather than buy them abroad. And then you have to worry about you receive your dividends, how am I going to change whatever IRO to dollars or whatever it may be. But over time, we've seen in particular, as I mentioned with the Chinese companies that if they're not being regulated in their home country, then these foreign companies that are listed in the United States have particular exemptions. They don't have to comply with all the rules that American companies do because we had a concept of substituted compliance. Okay, your home country is regulating. And so, you know, this is a convenience for Americans. But if the Chinese companies now they're listed in the United States, they should be under American regulation. But because of this kind of loophole in our laws, are not subject to that. We give them exemption from that. That's what we're looking at. And so we've noticed over time that there some of these shares, especially if they're penny stocks, you know, that they're subject to what we call ramp and dump. So over time, we watch the price go up without any real explanation, no news about the company, and we monitor chat rooms and things like that. And then suddenly the price collapsed. So that's because people are manipulating it. So we have stopped now trading of those sorts of companies. We start seeing the indicia there of what's going on and then we stop trading with it. NASDAQ is cooperating with us. We have about a dozen companies so far. So under my chairmanship here, we're taking more action in that.

[John Bickley (Daily Wire Executive Editor)]

It's a very complex world out there. And I can imagine the process it takes to keep your eye on so many things at once. We appreciate you so much taking the time to talk with us, Chairman. And great luck. Luck with these efforts to really revamp the way we do business here.

[Daily Wire Host]

Great. Well, I appreciate your time and I wish you all the best and your listeners, too.

[John Bickley (Daily Wire Executive Editor)]

Thank you so much.

[Daily Wire Host]

Thank you.

[John Bickley (Daily Wire Executive Editor)]

That was SEC Chairman Paul Atkins, and this has been a weekend edition of Morning Wire.

[Narrator/Voice Actor (Pendragon Cycle Trailer)]

All of this is an illusion. An echo of a voice that has died.

And soon that echo will cease.

They say that Merlin is mad.

They say he was a king in David, the son of a princess of lost Atlantis. They say the future and the past are known to him. That the fire and the wind tell him their secrets. Let the magic of the hill folk and druids come forth at his easy command.

They say he slew hundreds. Hundreds. Do you hear that? The world burned and trembled at his wrath.

The Merlin died long before you and I were born.

Merlin. Emrys has returned to the land of the living.

Vortigern is gone. Rome is gone. The Saxon is here. The Saxon Hengist is assembled the greatest war host ever seen in the island. And before the summer is through, he means to take the throne.

And he will have it if we are too busy squabbling amongst ourselves to take up arms against him. Here is your hope. A king will arise to hold all Britain in his hand. A high king who will be the wonder of the world.

[Balance of Nature Advertiser]

You.

[Daily Wire Host]

To a future of peace.

[Stitch Fix Advertiser]

Peace?

[Narrator/Voice Actor (Pendragon Cycle Trailer)]

There'll be no peace in these lands till we are all dust.

[Balance of Nature Advertiser]

Men of the island of the mighty, you stand together.

You stand as Britons.

[Narrator/Voice Actor (Pendragon Cycle Trailer)]

You stand as one.

Great darkness is falling upon this land.

These brothers are only hoped to stand against it.

[Daily Wire Host]

Not our only hope.

[Narrator/Voice Actor (Pendragon Cycle Trailer)]

Sa Merdin slew 70 men with his own hands. And Cathay, he slew 500.

No man is capable of such a thing. No mortal man.

[Daily Wire Host]

Limu Emu and Doug. Here we have the Limu Emu in its natural habitat, helping people customize their car insurance and save hundreds with Liberty Mutual.

[Narrator/Voice Actor (Pendragon Cycle Trailer)]

Fascinating.

[Balance of Nature Advertiser]

It's accompanied by his natural ally, Doug.

[Daily Wire Host]

Uh, Limu is that guy with the binoculars watching us. Cut the camera.

[Balance of Nature Advertiser]

They see us.

[Stitch Fix Advertiser]

Only pay for what you [e-mail] Liberty.

[Narrator/Voice Actor (Pendragon Cycle Trailer)]

Liberty. Liberty.

[Stitch Fix Advertiser]

Liberty Savings Ferry Unwritten by Liberty Mutual Insurance Company and affiliates Excludes Massachusetts.