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Paul Atkins and the New SEC Administration

Apr. 09, 2025

Guests: Jim Toes, President & CEO, Security Traders Association, and Jaret Seiberg, Managing Director, Washington Research Group – Financial Services Policy Analyst, TD Cowen

Host: Peter Haynes, Managing Director and Head of Index and Market Structure Research, TD Securities

In Episode 70, we invite back two Bid Out podcast veterans, Jim Toes, President of the Security Traders Association, and Jaret Seiberg, Services Policy Expert with TD Cowen Washington Research Group Financial, for a discussion on the next U.S. Securities and Exchange Commission (SEC) Administration, likely to be led by Paul Atkins. Jim and Jaret start with an explanation for the low key, zero-drama nature of the Atkins confirmation hearing for SEC Chair, citing the limited pushback expected on the nomination, and the fact that the confirmation process has been streamlined post the 2008 global financial crisis (GFC).

That said, Minority Ranking Member Elizabeth Warren published a 34-page letter of issues and questions for the Chair-Designate covering a wide range of current and historic SEC issues, including many about the time Atkins spent as an SEC Commissioner prior to the GFC. Jim and Jaret discuss several of the topics raised by Senator Warren, including potential conflicts for the Chair, gamification of markets, the future of Financial Industry Regulatory Authority (FINRA) and the Consolidated Audit Trail (CAT) , and crypto oversight. The pod finishes with Jim's look into his crystal ball to answer the question, will Atkins reverse Paul Atkins and the New SEC Administration during his tenure?

Chapters:
0:55 The Zero Drama Atkins Hearing and Next Steps
8:30 Senator Warren's 34-Page History Lesson
13:22 The Future State of Completely Partisan Commissioners
23:34 Will Atkins Reverse Policy Decisions from Gensler Administration?
31:10 How Can Atkins Manage Conflicts Including with Trump?
35:31 0DTE, Gamification, 24 Hour Trading and Crypto – Protecting Retail Investors
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This podcast was recorded on April 2, 2025.

Full transcript to come.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this recording was obtained from publicly available sources, has not been independently verified by TD Securities, may not be current, and TD Securities has no obligation to provide any updates or changes. All price references and market forecasts are as of the date of recording. The views and opinions expressed in this podcast are not necessarily those of TD Securities and may differ from the views and opinions of other departments or divisions of TD Securities and its affiliates. TD Securities is not providing any financial, economic, legal, accounting, or tax advice or recommendations in this podcast. The information contained in this podcast does not constitute investment advice or an offer to buy or sell securities or any other product and should not be relied upon to evaluate any potential transaction. Neither TD Securities nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed.

Photo of Peter Haynes

Managing Director and Head of Index and Market Structure Research, TD Securities

Photo of Peter Haynes

Peter Haynes
Managing Director and Head of Index and Market Structure Research, TD Securities

Photo of Peter Haynes

Peter Haynes
Managing Director and Head of Index and Market Structure Research, TD Securities

Peter joined TD Securities in June 1995 and currently leads our Index and Market Structure research team. He also manages some key institutional relationships across the trading floor and hosts two podcast series: one on market structure and one on geopolitics. He started his career at the Toronto Stock Exchange in its index and derivatives marketing department before moving to Credit Lyonnais in Montreal. Peter is a member of S&P’s U.S., Canadian and Global Index Advisory Panels, and spent four years on the Ontario Securities Commission’s Market Structure Advisory Committee.

Portrait of Jaret Seiberg

Managing Director, Washington Research Group - Financial Services Policy Analyst, TD Cowen

Portrait of Jaret Seiberg

Jaret Seiberg
Managing Director, Washington Research Group - Financial Services Policy Analyst, TD Cowen

Portrait of Jaret Seiberg

Jaret Seiberg
Managing Director, Washington Research Group - Financial Services Policy Analyst, TD Cowen

Jaret Seiberg is the financial services and housing policy analyst for TD Cowen Washington Research Group, which was recently named #1 in the Institutional Investor Washington Strategy category. The team has been consistently ranked among the top macro policy teams for the past decade. Before joining TD Cowen in August 2016, he served in similar roles at Guggenheim Securities, MF Global, Concept Capital and Stanford Financial Group. He began following financial policy in the early 1990s as a journalist covering efforts in Congress to complete the last of the laws from the savings and loan crisis. He tracked the merger wave of the 1990s and Glass-Steagall repeal in 1999 as the deputy Washington bureau chief for American Banker and as the Washington bureau chief for The Daily Deal. His bailiwick at TD Cowen includes issues related to commercial banks, housing, payments, investment banking, M&A, taxes, the CFPB, crypto currency, cannabis and Capitol Hill.

Mr. Seiberg has a BA from The American University and an MBA from the University of Maryland at College Park. He speaks regularly at industry events, is often quoted in the media, and appears on CNBC and Bloomberg TV.

Material prepared by the TD Cowen Washington Research Group is intended as commentary on political, economic, or market conditions and is not intended as a research report as defined by applicable regulation.

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