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Democratic Representative Maxine Waters has renewed criticism of the US Securities and Exchange Commission’s crypto policies.
Waters is the ranking Democrat on the House Financial Services Committee.
She could reclaim the committee chairmanship if Democrats retake the House in 2026.
Prediction market Kalshi currently gives Democrats a 75% chance of winning the House majority.
Waters called for SEC Chairman Paul Atkins to testify before the committee.
She made the request during Congress’s winter recess.
Waters said the committee must examine the SEC’s recent crypto enforcement reversals.
The SEC has terminated or stayed major enforcement actions against multiple crypto companies.
Maxine Waters said.
She cited cases involving Coinbase, Binance and Justin Sun.
Waters said those firms had faced credible allegations of securities law violations.
She argued the committee has not scrutinised why the SEC abandoned the cases.
Waters questioned how the agency plans to deter fraud and market manipulation.
She said millions of retail investors could be affected by weakened oversight.
Waters alleged some companies announced case dismissals before formal SEC votes.
She claimed Atkins’ office took an unusually active role in negotiations.
The SEC did not immediately respond to requests for comment.
The policy shift followed leadership changes after President Donald Trump took office.
Atkins was later confirmed as SEC chairman.
Under his leadership, the SEC dropped most pending crypto-related lawsuits.
The agency also withdrew from several ongoing court disputes.
Trump has publicly prioritised boosting the US crypto industry.
Atkins has echoed that goal as the SEC’s top priority.
Waters argued the SEC is acting as an instrument of the administration.
She criticised the agency for relying on staff statements instead of formal rulemaking.
This approach flouts the SEC’s legal obligations.
Maxine Waters said.
She said the process excludes public comment required under administrative law.
Waters warned it obscures which interests are shaping SEC policy.
She said congressional oversight is needed to restore transparency.