Pod Force One – February 4, 2026
Episode: Wall Street’s top cop Paul Atkins reveals how he cracked down on Biden’s corporate DEI rules and why he's shaking up crypto
Host: Miranda Devine (New York Post)
Guest: Paul Atkins, Chairman of the Securities and Exchange Commission (SEC)
Overview
In this revealing episode, Miranda Devine interviews SEC Chairman Paul Atkins. The discussion centers around Atkins’ efforts to reverse DEI/ESG mandates pushed under the Biden administration, his strategies to rejuvenate the US IPO markets, and his plan to welcome innovation—especially cryptocurrency—by steering the SEC away from “regulation by enforcement.” Atkins shares his vision for returning to market fundamentals and enhancing investor opportunities, while recounting pivotal moments and philosophies shaping his leadership at the SEC.
Key Discussion Points & Insights
1. The SEC’s Mission & Atkins’ Philosophy
- Role Clarified: Atkins reiterates the SEC’s “cop on the beat” function as well as its broader mission to maintain fair, fluid, and efficient markets.
- Regulation by Enforcement: Criticizes the previous leadership for prioritizing enforcement over rule-making, particularly against innovative sectors.
“There was too much regulation through enforcement… instead of changing the rules to suit the new situation, the SEC used its enforcement, basically lawyers going around to investigate and sue people…”
—Paul Atkins (02:56)
2. Reversal of Biden Era DEI/ESG Initiatives
- Countering “Woke Bureaucracy”: Atkins lays out his approach to undoing the legacy of his predecessor, Gary Gensler, and Biden’s push for progressive corporate policies.
- Focus on Statutory Mission: Pledges return to the “basics”—investor protection, capital formation, and market efficiency.
"Historically, the Commission…haven’t actually obstructed changes. Unfortunately, in the last few years, it has done just that. So that’s my mission right now, to focus on the technological changes… and get us back to basics."
—Paul Atkins (05:30)
3. Proxy Advisory “Duopoly” & Corporate Governance Reforms
- Glass Lewis & ISS Power: Explains how these two proxy advisory firms gained outsized influence, shaping corporate policies via ESG/DEI mandates.
- Trump’s Initiative: Notes President Trump’s executive order tasking the SEC to investigate and address this duopoly, as a key step in shaking off “politicized shareholder activism.”
“Over the years these two [proxy] firms have garnered pretty big clout… especially on these very important issues as well, like mergers and acquisitions and bankruptcy.”
—Paul Atkins (10:01)
4. Making IPOs “Great Again”
- IPO Decline: Attributes a 40% drop in US public companies (compared to the 1990s) to regulatory bloat, shareholder activist distractions, and litigation risk—all deterring entrepreneurs.
- Concrete Pillars: Outlines a three-pronged approach:
- Simplify and modernize the rule book
- Reduce governance distractions (especially political)
- Mitigate frivolous litigation risk
“Unless you have newbies coming in to replace the ones that go away, then the population will decline. So we need to make…like I said it cool to be an IPO again, and make IPOs great again.”
—Paul Atkins (14:18)
5. Balancing Private Equity vs. Public Market Access
- Impact on Retail Investors: Describes how the proliferation of private markets means retail investors miss out on early-stage company growth—contrasted with the 1980s public IPOs.
- Why Go Public?: Highlights benefits: employee stock options, acquisition currency, attracting foreign capital, and ecosystem vibrancy.
“The normal folks have not been able to share in the growth of these many, many companies from their initial stages until they’re mature and whatnot versus other folks who have been. So that’s a complete switch from the 1980s to now.”
—Paul Atkins (20:45)
6. Rethinking Crypto Regulation
- Critique of Enforcement: Argues the SEC previously obstructed innovation by refusing to adapt existing rules to crypto realities, pushing companies offshore.
- Model of Effective Regulation: Points to LedgerX (regulated by the CFTC, survived FTX crash) as proof American oversight can foster safe innovation.
- Vision: Promises proposals in the coming year to lay out a new US framework for digital assets and crypto, supporting Trump’s goal for US dominance in crypto.
“This is really the first time…the SEC has just said nyet…fill it out even though it’s inapposite to what your business is all about…and so basically they were frozen out… That’s why we had Sam Bankman-Fried go to the Bahamas.”
—Paul Atkins (28:14)
7. Lessons from FTX & Sam Bankman-Fried
- SEC Failures: Questions whether more adaptive regulation could have prevented the FTX collapse—but stresses ongoing investigation.
“If we can get our rule book squared away so that we can accommodate innovation in financial services on the digital asset side…we can try to make a very wholesome and appropriate environment.”
—Paul Atkins (32:20)
8. Buffett’s Investment Wisdom & Personal Reflections
- On Index Funds: Affirms that index investing is best for most, but direct stock picking suits some personalities—both are valid if one understands the risks.
“Different strokes for different folks…as long as you know what the risks are…”
—Paul Atkins (33:13)
- Why Return to SEC: Recounts being recruited by Presidents Bush and Trump, initial career inspiration, and his “wheelhouse” in market modernization.
- Personal Story: Shares background: upbringing in a military family, early interest in markets, and the importance of resilience.
Notable Quotes & Memorable Moments
- On the SEC’s enforcement-heavy past:
“Instead of embracing innovation and helping people get into compliance…there was too much regulation through enforcement.”
—Paul Atkins (02:40)
- On DEI & ESG’s impact on IPOs:
“All this mayhem in the corporate governance area…is one of the reasons why companies don’t want to go public because they just don’t want to put up with the distraction of all of this.”
—Paul Atkins (12:23)
- On the market’s concentration in big tech:
“Obviously that’s not an issue for the government to intervene on…that’s why I think the real solution is to focus on why our markets are not attracting the IPOs that they once were.”
—Paul Atkins (25:26)
- On Sam Bankman-Fried and FTX:
“Luckily, from what I’ve followed…investors have been made mostly whole luckily by some investments…so it could have been a disaster like Madoff and maybe it wasn’t so bad, but just through luck it sounds like.”
—Paul Atkins (30:54)
- Advice for Success:
“Listen…you don’t necessarily know or have all the answers…surround yourself with good people…let people experiment and try and fail…not so much that you fell down, but that you’ve picked yourself up and brushed yourself off and then go charging again.”
—Paul Atkins (38:15)
Timestamps for Important Segments
- SEC’s Mandate & “Ticket” Story: 00:32–01:47
- Critique of Enforcement Era (Gensler/Biden): 02:40–04:07
- Pivot Away from DEI/ESG: 04:41–06:34
- Explaining Proxy Advisory Firms' Power: 07:45–11:05
- Efforts to Spur IPO Market / “Make IPOs Great Again”: 13:19–17:06
- How Private Equity Disadvantages Retail: 18:44–22:16
- SEC and Crypto Regulation/Roadmap: 25:49–32:20
- Personal Background & Career Reflections: 33:46–38:02
- Secrets of Success: 38:12–39:47
- 2026 Market Outlook & Investing Advice: 39:56–41:53
Conclusion
This in-depth conversation with SEC Chairman Paul Atkins reveals his mission to re-anchor the agency in its core statutory roles, unravel the last era’s politically driven mandates, and create a regulatory environment that welcomes innovation, especially in digital assets. The episode offers valuable insights for anyone interested in Wall Street regulation, the future of IPOs, corporate governance, and the intersection of politics and finance in America’s capital markets.