Democratic criticism of SEC Chairman Paul Atkins has intensified amid forecasts of strong chances for Democrats to gain a majority in the House of Representatives. Ranking Democrat on the House Financial Services Committee, Maxine Waters, has demanded that Atkins testify before the committee regarding the closure of several cases against crypto companies.
Context: Democrats Gaining Strength in the House of Representatives
Forecasts for the upcoming elections, which assign Democrats a 75% chance of winning the House majority, increase the political significance of regulatory oversight issues. At the same time, lawmakers' attention to SEC actions is growing, as changes in the House composition could influence oversight priorities and demands placed on the regulator.
Maxine Waters' Criticism of SEC Chairman
Waters is requesting that Atkins be called to explain a series of dropped or paused enforcement cases in digital assets and demands details on the rationale behind these decisions. She asserts that the committee has not reviewed the SEC's justification for dropping these cases and wants to understand how the agency intends to prevent fraud and manipulation in the markets.
SEC Cases Closed Against the Crypto Industry
In a letter to the Republican Chairman of the Committee, French Hill, Waters noted that the SEC "has closed or paused major enforcement actions" against several companies and individuals. The mentioned parties include:
- Coinbase
- Binance
- Justin Sun
According to Waters, some of these companies announced the conclusion of cases before the commission held the corresponding vote, and she claims that Atkins' office "played an unusually active role in negotiating the closure of these cases."
SEC Policy Under Paul Atkins' Leadership
Following the arrival of the new administration and Atkins' confirmation as chairman, the regulator abandoned several previously initiated legal disputes with the crypto industry. Atkins declared support for the cryptocurrency sector as a top SEC priority, which has drawn criticism from lawmakers who disagree with this approach.
Waters also noted that many policy shifts were implemented through staff statements rather than formal rulemaking, which she believes limits public commentary and transparency in policy development. More details can be found in the article on cryptocurrency regulation in the U.S..
Why This Matters
For miners in Russia, these events primarily signal increased political attention to how cryptocurrencies are regulated in the U.S., rather than direct changes to the technical aspects of mining. Political debates around case closures and regulatory methods may influence the long-term regulatory landscape but do not have an immediate effect on your equipment's operation.
Nevertheless, it is important to monitor statements and formal rule changes: if the regulator begins to formalize approaches through new rules, this could lead to a more predictable legal environment. To understand recent policy shifts, the 2025 policy changes overview is also useful, discussing key regulatory decisions.
What to Do?
- Follow official statements from regulators and congressional hearings to respond promptly to formal rule changes.
- Do not rely solely on company press releases as confirmation of legal outcomes: verify official documents and commission decisions.
- Maintain operational flexibility: plan expenses and contracts to withstand potential changes in access to services or financial instruments.
- Keep backup channels for electricity payments and equipment maintenance to minimize risks in case of sudden changes in operating conditions.
In Brief
Waters has requested testimony from Atkins regarding the closure of cases against major crypto market players, while SEC policy under new leadership raises questions about transparency and procedures. For Russian miners, this is a reason to monitor rule formalization but not a signal for immediate technical actions.