America’s capital markets are the envy of the world, but in recent years, misguided policies have driven innovation offshore and stifled the number of companies going public. SEC Chairman Paul Atkins is reversing course. What’s his plan to make IPOs great again? What will it take for America to become the crypto capital of the world? And does he think we should expand access to private markets for retail investors?

This week, we’re honored to feature a conversation with Paul Atkins, Chairman of the Securities and Exchange Commission. He also served as a commissioner at the SEC from 2002 to 2008, and worked on the staff of two SEC chairmen from 1990 to 1994. Prior to returning to the SEC in 2025, Chairman Atkins was the founder and chief executive of Patomak Global Partners, a financial services firm he founded in 2009.

We begin with Chairman Atkins’ visit to Texas, the significance of Texas’ new business courts, and the importance of innovation in our financial markets. Whereas his predecessor, Gary Gensler, took an adversarial, regulation-by-enforcement approach, he’s embracing new technologies and regulatory clarity. In this vein, the Chairman lays out his strategy for making IPOs great again. Learn why the number of public companies has dropped by nearly half since 2007, and how Chairman Atkins is reforming the rules around litigation and corporate governance to deter activists from harassing America’s builders. We also discuss President Trump’s vision for making America the crypto capital of the world, and what it looks like to provide clear guidelines that promote innovation and protect investors. Finally, we explore the steps he’s taking to enable retail investors to access private markets and other alternative assets.

0:00 Episode intro

1:35 Texas' new business courts / evolution of U.S. markets

7:20 The SEC's new approach to crypto

16:00 Making IPOs and public companies great again

25:00 Weaponization of shareholder proposals and ESG

32:10 National security concerns / China's bad actions

36:30 New rules for retail investors & private companies

44:35 Optimism for America's future

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Ep 140: SEC Chairman Paul Atkins on Making IPOs Great Again, Crypto's Comeback & New Rules for Retail Investors

Joe Lonsdale: American Optimist