According to market forecast data, the probability of the Democratic Party winning the majority of seats in the U.S. House of Representatives in 2026 is approximately 75%. Against this political backdrop, senior Democratic member of the U.S. House Financial Services Committee, Maxine Waters, recently launched a sharp critique of SEC Chairman Paul Atkins's regulatory policies on crypto assets.

In a letter to the committee's Republican Chair French Hill, Waters pointed out a concerning trend: the SEC has terminated or suspended several significant enforcement cases against the crypto industry, involving a major exchange, another leading exchange, and key entities such as Justin Sun. She emphasized that the committee has not yet conducted a thorough review of the true reasons behind the SEC's abandonment of these cases, nor has it discussed how to prevent fraud and manipulation in a market with many retail investors.

What further unsettles Waters is that some investigated companies have announced the termination of cases publicly before the SEC's formal vote. The underlying logic behind this operation is thought-provoking—did Atkins's team act too "proactively" during the settlement process?

In addition, Waters pointed out issues with the regulatory process itself. Recently, many of the SEC's policy shifts have been primarily advanced through staff statements rather than formal rules, a practice that may circumvent the requirements of the Administrative Procedure Act, thereby weakening the role of public consultation and congressional oversight. Due to these concerns, she has demanded that Atkins must attend a hearing to provide explanations.