U.S. Rep. Maxine Waters has formally asked House Financial Services Committee Chairman French Hill to schedule an oversight hearing with Securities and Exchange Commission (SEC) Chairman Paul Atkins, saying the agency needs to explain recent choices that she says weaken securities enforcement.
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Waters seeks answers about abandoned SEC cases
According to Waters’ letter, the SEC has terminated or suspended a number of high-profile crypto enforcement actions that were underway in the agency’s process, and Democrats on the committee want an explanation for those decisions. Reports revealed that the letter cites among the actions of concern those involving Coinbase, Binance, Justin Sun, Kraken and Ripple.
The request lists nine areas where the SEC’s recent conduct raises questions for lawmakers, including whether enforcement choices were driven by legal judgment or outside pressure.
Waters, who is the top Democrat on the Financial Services Committee, told Chairman Hill that the public deserves clarity on changes to enforcement strategy and how investor protections will be preserved.
Concerns about politicization and investor protection
Based on reports, Waters said she is particularly concerned that the agency’s handling of cases since U.S. President Donald Trump took office appears different from past enforcement models, and she says some measures could amount to an erosion of investor protections.
Industry observers and several media outlets picked up on the story, noting the broader context: a year of big changes in crypto policy and new legislation that changed the regulatory framework.
🚨 MAXINE WATERS CALLS FOR HEARING ON SEC CHAIRMAN ATKINS’ CRYPTO DECISIONS
– The wolf of all streets (@scottmelker) December 30, 2025
Some media outlets say the timing of Waters’ letter, sent in late December, reflects growing pressure from Democrats as they prepare for oversight if they regain more influence on the committee.
What Waters expects from the SEC
In his request, Waters seeks direct answers about why certain cases were dropped or delayed, what internal analyzes the SEC relied on and whether staff reductions or policy changes affected enforcement. She also requested that Chairman Atkins appear before the committee so that members could question him in public.
Role of the committee and next steps
Reports indicate that the letter was delivered to President Hill on December 29, 2025, and that Waters urged him to set a date for an oversight hearing as soon as possible.
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The committee could use a hearing to review documents and testimony from SEC officials, and to push for a public accounting of how decisions were made on major crypto issues. How quickly that happens will depend on the committee’s schedule and whether Hill agrees to a formal public session.
The issue has attracted attention because it involves both the enforcement of existing securities law and the future of crypto oversight in the United States.
Investors, industry groups and lawmakers on both sides are watching whether the SEC’s recent actions represent a long-term policy shift or isolated choices tied to individual cases.
Featured image from Unsplash, chart from TradingView
