Headline: Maxine Waters demands SEC chair testify after agency drops or stalls major crypto cases
Rep. Maxine Waters has formally asked House Financial Services Committee Chair French Hill to hold an oversight hearing with Securities and Exchange Commission Chairman Paul Atkins, arguing the agency must explain a string of enforcement decisions that she says weaken securities-law protections for investors.
In a letter delivered to Hill on December 29, 2025, Waters — the committee’s ranking Democrat — says the SEC has recently terminated or stayed several high-profile crypto enforcement actions that were well into the agency’s process. The letter reportedly names cases involving Coinbase, Binance, Justin Sun, Kraken and Ripple as among those of concern, and it asks for a public accounting of why those enforcement choices were made.
Waters’ request presses the SEC on nine specific areas where recent conduct raises questions for lawmakers, including:
- Whether case closures or delays reflect legal judgments or were influenced by outside pressures;
- What internal analyses and evidence supported those decisions;
- Whether staff reductions or broader policy shifts curtailed enforcement capacity.
“The public deserves clarity about changes to enforcement strategy and how investor protections will be preserved,” Waters wrote, according to reports. She urged Hill to set a date “as soon as possible” so Atkins can answer lawmakers’ questions in public.
Political and regulatory context
Waters’ letter highlights a broader worry among Democrats and some industry observers: the SEC’s handling of crypto cases since President Donald Trump took office appears to differ from earlier enforcement patterns, raising concerns about politicization and the possible erosion of investor safeguards. The story has received wide media and social-media attention as Congress and the industry digest a year of significant policy shifts and new legislation that have reshaped the U.S. crypto regulatory landscape.
What a hearing could do
If Hill agrees, a hearing would give the committee a platform to press the SEC for documents, internal analyses and sworn testimony explaining why major matters were dropped or delayed and whether those decisions signal a long-term change in enforcement priorities. How quickly that happens will depend on the committee’s schedule and Hill’s willingness to call a public session.
Why it matters
Investors, industry groups and lawmakers across the aisle are watching to see if recent SEC moves represent case-by-case decisions or a broader pivot in how crypto is regulated and policed. A public hearing with Chairman Atkins would be the clearest way for Congress to get answers — and could influence how enforcement and oversight evolve in the months ahead.
We’ll continue following developments, including whether Hill schedules the requested oversight hearing and how the SEC responds.
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