Waters Calls SEC Crypto Approach Into Question

 Representative Maxine Waters demands an oversight hearing by the U.S. Securities and Exchange Commission (SEC).

The oversight hearing has been officially requested by Maxine Waters. She asks the House Financial Services Committee to investigate the crypto approach of the SEC, including Chairman Paul Atkins and his recent changes to policy.

The letter was posted to Representative French Hill by Waters on Sunday. Hill chairs the Committee. The letter highlights ten urgent issues regarding the agency’s direction.

Regulatory Conjectures on Dropped Cases.  

The SEC has rejected some significant enforcement activity. Waters used examples of Coinbase, Binance, and Justin Sun, which are firms accused of breaking securities laws.

A number of defendants have declared that they are dismissing prior to the SEC making an official vote. Waters raised doubts about the agency’s fraud-prevention schemes and emphasized discouraging market manipulation.

Waters wrote: Chair Gensler appeared before the Committee twice in his first year. The Committee has not conducted hearings over Atkins, in spite of substantial policy reforms. She refers to those changes as being rapid and dubious.

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Independence and Politicization Under Fire.  

Waters questioned the independence of the SEC and whether politics has influenced the recent decisions. The Trump administration has made significant regulatory turns.

Atkins assumed the role in April, succeeding Gary Gensler on the Trump nomination. The SEC has since taken a more amiable approach to crypto.

Cryptocurrency ETFs eased. Project Crypto demonstrates active regulatory participation, and several inquiries have been stalled in the leadership of Atkins.

Waters has already criticized Republican crypto policies and is outraged at the pardoning of Binance co-founder Changpeng Zhao in October, alongside his guilty plea.

She also voted against the CLARITY Act and the GENIUS Act, saying that these structures would facilitate massive fraud. In an opinion piece in July, she described them as dangerous to investors.

The representative seeks answers on the weakening of market surveillance. She wants the SEC to clarify its approach to stop fraud and says that the Committee has its role to play.