Rep. Maxine Waters Calls for SEC Oversight Hearing on Agency’s Crypto Strategy
U.S. Representative Maxine Waters has officially asked incoming SEC Chairman Paul Atkins to hold an oversight hearing. The California Democrat, who has been critical of the crypto industry for a long time, said she was worried about what she called the agency’s sudden change of heart on high-profile enforcement cases and broader policy changes since the Trump administration took office.
On December 29, 2025, Waters wrote a to French Hill, who chairs the House Financial Services Committee, requesting that the panel schedule the hearing as soon as possible.
She pointed out that although former Chairman Gary Gensler testified twice in his first year, the committee has not yet had a single meeting with Atkins, even though she says there have been “rapid, significant, and questionable policy shifts.”
Worries About Dropped Enforcement Actions
The SEC’s to terminate or pause major enforcement cases against well-known crypto companies is at the heart of Waters’ demand. She particularly mentioned Coinbase, Binance, and Justin Sun, the founder of Tron, saying that these companies and people “had been credibly accused of major violations of our securities laws.”
Waters wrote, “The SEC has stopped or ended major enforcement actions against several crypto companies and individuals who had been credibly accused of major violations of our securities laws, such as , Binance, and Justin Sun.”
She made a powerful point when she said, “In some of these cases, the defendants had said that the SEC had stopped enforcement actions even before the Commission had voted to do so.”
These changes came when Atkins was named head of the SEC in April 2025. Since then, the SEC has been much more open to . Actions have included withdrawing lawsuits and investigations, making it easier for crypto platform-traded funds to launch, and moving forward with projects like Project Crypto to promote sound regulation.
Call For A Close Look At Independence and Market Protection
Waters listed 10 specific topics she thinks the oversight hearing should address. These include dropping charges against crypto companies, concerns about the SEC’s independence and potential political involvement, and the notion that market surveillance powers are being fragileened.
She highlighted that it is the committee’s job to examine how the agency expects to protect investors going forward. Waters , “The FSC needs to look closely at the agency to find out exactly how it plans to stop fraud and manipulation.” This shows how she thinks the current course of action could fragileen significant protections for investors.
This current move fits with Waters’ long-standing distrust of and related legislative changes. In the past, she has vocally opposed large crypto laws, saying they might “open the floodgates to massive fraud and financial ruin,” and she has also spoken out against pardons and what she views as tolerance toward people in the field.
Broader Context and Effects on the Industry
The request comes at a time when the is making significant changes to government crypto policy. Compared to the Gensler era’s heavy-handed enforcement approach, the Trump administration has focused on innovation and lowered regulatory burdens.
The announcement didn’t say anything about how the committee leadership or the would react right away. Still, Waters’ position as a senior Democrat on the Financial Services Committee gives her significant power to set oversight priorities.
