Democratic lawmakers harshly criticized SEC Chair Paul Atkins for a perceived retreat from cryptocurrency enforcement, alleging the shift is politically motivated by ties to President Trump.
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Lawmakers questioned the stalled case against Justin Sun, noting his $75 million investment in the Trump-linked World Liberty Financial (WLFI); also argued that dismissing meritorious cases "weakens the legitimacy" of the digital assets industry and causes "reputational damage" to the SEC.
Atkins defended the shift, stating the agency is moving away from setting policy through lawsuits and toward clear rule-making. He maintains the SEC is still bringing cases but is prioritizing "bread-and-butter" investor protection over technical registration violations.