The American Investment Ethos: SEC Chairman Paul Atkins on Innovation, Risk, and Opportunity

Few institutions touch the lives of Americans as profoundly as the financial markets. Whether through retirement accounts, mutual funds, pensions, or direct stock ownership, millions of people have a stake in the success of American businesses.

Yet most people rarely think about the organization charged with helping ensure those markets remain fair, transparent, and trustworthy: the U.S. Securities and Exchange Commission.

On this episode of Going Big!, Kevin Gentry sits down with Paul Atkins, Chairman of the SEC, for a wide-ranging conversation about regulation, entrepreneurship, innovation, and why America’s unique investment culture remains one of its greatest strengths.

A Referee, Not a Quarterback

When many people hear “SEC,” they think of regulations, enforcement actions, and bureaucracy. Atkins offers a different perspective.

The SEC, he explains, was created in 1934 following the stock market crash and Great Depression. Its mission is not to decide which investments are good or bad. Rather, its job is to ensure that investors have access to accurate, material information so they can make informed decisions for themselves.

“We’re not a merit regulator,” Atkins says. “We don’t decide what’s a good investment. That’s completely up to the investor.”

The agency’s role is to promote market integrity through disclosure and transparency while protecting investors from fraud and misconduct.

Finding the Right Balance

One of the central challenges facing regulators today is determining how much regulation is enough.

With artificial intelligence, cryptocurrencies, new financial products, and rapidly evolving technologies transforming the marketplace, Atkins argues that regulators must be careful not to stifle innovation.

His philosophy is straightforward: apply the minimum amount of regulation necessary to achieve effective oversight.

Too little regulation can expose investors to fraud. Too much can bury them under mountains of paperwork that obscure rather than clarify important information.

As an example, Atkins points to one publicly traded utility company whose annual report now exceeds 970 pages. While intended to provide transparency, disclosures of that size can overwhelm investors rather than inform them.

“More is not necessarily better,” he notes.

Why Fewer Companies Are Going Public—and Why It Matters

One of Atkins’ major priorities as SEC Chairman is encouraging more companies to go public.

The number of publicly traded companies in the United States has declined dramatically over the past several decades. Atkins believes several factors contribute to that trend, including rising regulatory costs, excessive litigation, and shareholder activism that sometimes distracts management from serving investors.

He argues that a healthy economy depends on creating pathways for entrepreneurs and growing businesses to access public capital markets.

Public ownership, after all, allows ordinary Americans to participate in the growth of companies they believe in. Whether through retirement accounts, index funds, or direct investments, millions of families benefit when businesses succeed.

For Atkins, restoring a vibrant IPO market is not simply about Wall Street. It is about expanding opportunity.

The Future of Crypto and Financial Innovation

Perhaps no area better illustrates the tension between innovation and regulation than cryptocurrency.

Atkins believes previous regulatory approaches often forced innovators to look overseas because existing rules were designed for traditional businesses rather than digital assets.

He points to the collapse of FTX as an example of what can happen when innovation migrates to jurisdictions with weaker oversight.

Instead of pushing entrepreneurs offshore, Atkins wants the United States to create clear rules that allow innovation to flourish under American laws and investor protections.

“Build it here under American laws, with American investment, and with American oversight,” he says.

His vision is not deregulation for its own sake. It is creating a framework where innovation can develop responsibly while protecting investors.

Why the World Envies America

One of the most fascinating parts of the conversation centers on how America is viewed from abroad.

When Atkins meets with regulators and financial leaders in Europe and elsewhere, he often hears the same question: How can other countries create the kind of investment culture that exists in the United States?

His answer speaks to something deeper than markets.

The American system, he argues, has long encouraged people to take informed risks, pursue opportunities, and invest in the future. That mindset helped finance railroads, factories, research breakthroughs, and countless entrepreneurial ventures throughout American history.

“We in the United States shouldn’t discount what a good type of ethos we have here for people in the marketplace who are willing to take a risk,” Atkins says. “As long as they get good information and can make a reasoned decision, that’s what other people around the world really envy.”

That culture of opportunity has helped make America the world’s most dynamic economy.

Protecting Investors in a New Era

While much of the conversation focuses on growth and innovation, Atkins is equally passionate about protecting investors.

He warns about the growing sophistication of scams, including schemes that use artificial intelligence to mimic voices and deceive victims into transferring money or revealing personal information. Investor education, he says, remains one of the most important tools available to combat fraud.

The SEC’s enforcement efforts should focus on genuine wrongdoing, Atkins argues, rather than attempting to regulate through lawsuits or after-the-fact enforcement actions. Fair rules, clearly communicated and consistently applied, create stronger markets for everyone.

The Personal Side of Leadership

Beyond policy and markets, Atkins also reflects on his own journey.

His interest in finance began after law school, leading him first to a New York law firm and eventually to his first role at the SEC. Over the decades, he has moved between public service and private-sector leadership, gaining perspectives from both sides.

He credits much of his worldview to the influence of mentors, free-market thinkers, and the entrepreneurial spirit that has long defined America.

Yet when asked what advice he would offer others seeking to build meaningful lives, his answer is remarkably simple: Make time for your family.

Work matters. Purpose matters. Achievement matters.

But as Atkins reflects, time moves quickly, children grow up, and there is ultimately no substitute for being present with the people who matter most.

Going Big Through Opportunity

Paul Atkins’ story is ultimately about stewardship.

Whether overseeing the nation’s financial markets, encouraging innovation, protecting investors, or strengthening the conditions for entrepreneurship, his focus remains on creating opportunities for people to build, invest, and contribute.

His message is a reminder that thriving markets are about more than numbers on a screen. They are about human potential.

When people have access to good information, the freedom to innovate, and the opportunity to take calculated risks, remarkable things can happen.

And perhaps that is one of the greatest lessons of all: Going big often starts with trusting people to pursue their own opportunities—and giving them the tools to do so wisely.