US Rep. Maxine Waters has formally asked House Financial Services Committee Chair French Hill to hold an oversight hearing with Securities and Exchange Commission (SEC) Chair Paul Atkins, pressing the agency to explain a string of recent decisions that Waters says weaken securities-law enforcement—particularly in crypto.
In a letter delivered Dec. 29, 2025, Waters, the committee’s ranking Democrat, said the SEC has dropped or stayed several high-profile crypto enforcement actions that were well into the agency’s process. She and other committee Democrats want public answers about those moves. Media reports indicate the letter specifically calls out cases involving Coinbase, Binance, Justin Sun, Kraken and Ripple as being of concern.
Waters’ request identifies nine areas where the SEC’s recent conduct raises questions for lawmakers. Among the issues she seeks clarity on: whether case-by-case choices reflect independent legal judgment or were shaped by outside pressures; what internal analyses supported the decisions; and whether staff reductions or shifts in policy affected enforcement outcomes. Waters also asked that Atkins appear before the committee so members can question him publicly.
The congresswoman said the public deserves transparency about any changes to enforcement strategy and assurances that investor protections won’t be eroded. She flagged a broader worry—reporting suggests the SEC’s handling of cases since President Donald Trump took office looks different from prior enforcement patterns, raising alarms that some decisions could amount to a rollback of protections for investors.
Industry watchers, media outlets and crypto stakeholders have seized on the letter against the backdrop of a year of big policy shifts and new legislation that have reshaped the U.S. regulatory landscape for digital assets. Some observers note the late-December timing may reflect growing pressure from Democrats as they prepare for oversight if they regain greater committee influence.
If Hill agrees to a public hearing, the committee could demand documents, testimony from SEC officials and a public accounting of how decisions were made in those major crypto matters. When that happens will depend on the committee’s calendar and whether Chairman Hill schedules a formal session.
The standoff puts a spotlight on two interconnected questions for the market: are recent SEC moves isolated, case-specific choices, or do they signal a longer-term change in enforcement posture toward crypto? Investors, industry groups and lawmakers on both sides will be watching the committee’s next steps for clues about the future of U.S. crypto oversight.
Featured image: Unsplash. Chart: TradingView.
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