[{"_1":2,"_123":-5,"_124":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87,99,111],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},"mediaId",6231597,"mediaKeyId","3429052-e8cd52582759b812b12c288454d714e9","parentId",3429052,"title","SEC chairman: crypto framework a top priority; task force work and roundtables ongoing","audioSeconds",2106,"startMs",594000,"endMs",2700000,"viewUrl","/Search/View?dp=1&key=3429052-e8cd52582759b812b12c288454d714e9&start=594&end=2700","thumbnailUrl","https://assets.pipeline.soar.com/3429052-e8cd52582759b812b12c288454d714e9/thumbnail_594000.jpg","articleUrl","/articles/6231597/SEC-chairman-crypto-framework-a-top-priority-task-force-work-and-roundtables-ongoing","mediaUrl","https://secure.pipeline.soar.com/6231597-667187b5174c00d96bd2096a26c170b2/orig.mp4?Expires=1770753575&Signature=fydtmy~a4Tex0R4wIlB8SqaKp5r~ZyY~GiuIWzgJGEn7iAOv-cx2eqJ75prnk6vn9x01O9PAbpt7Ee8XNhwDJvtx2Djk1DUU8xlhM-SbZcxDV1-J5aJlEtYN5fFiG6FGY7EJrxgJZaT21G2FYerspkdRx4Vjhd-pL-GHP1ys2BsSQwyPnarln3awYhWFMOIvjci2zPGnJvl6WUKEKWHKqswXUA16zswWUdVNUGv-aRnrjIqvnTm3zBLk05cgIW4ceEOLUIHBvWaIGMcpJN2225Xa1K-2Qxx9Gz5grPz39rwGzDvzwDhogIZwUfRjBux-8Zld~fX9ZMchhbi78rqKfw__&Key-Pair-Id=KUT5TJCACFTXG","author","U.S. House Committee on Appropriations","date","2025-05-21T03:42:07Z","article","At a House appropriations subcommittee hearing, Securities and Exchange Commission Chairman Paul Atkins said establishing clear rules for digital assets is a top priority and that the agency will pursue a framework through formal rulemaking.

\"A key priority of my chairmanship will be to develop a rational regulatory framework for crypto asset markets that establishes clear rules of the road for the issuance, custody, and trading of crypto assets,\" Atkins told the panel. He said regulators must provide clarity about which digital assets are securities and which are not to avoid chilling innovation and to help lawyers and market participants form reliable opinions.

Atkins said the SEC will use existing securities statutes, such as the Securities Act and the Exchange Act, and will rely on concept releases, roundtables and public comment periods as it develops policy. He singled out the crypto task force created in January and led by Commissioner Hester Peirce as a useful forum for gathering input. \"I think she's, you know, super qualified, to do that. And so she's formed a team, and they have gone after this to, you know, explore and and, prepare for, you know, potential rulemaking in this area,\" Atkins said.

The chairman told members he did not plan to create a separate, permanent SEC division devoted solely to digital assets right now. Instead he prefers to disperse expertise across the agency's existing divisions and said he will consider targeted reorganization as needed. He also said the SEC will coordinate with the Commodity Futures Trading Commission on areas where jurisdiction overlaps.

Atkins and lawmakers discussed the legal tests that guide whether an instrument is a security, including the Supreme Court's Howey decision, and how that test applies to novel instruments. He noted SEC corporation finance staff guidance that some \"meme coins\" may be treated as collectibles rather than securities when they lack attributes the staff associates with investment contracts.

The crypto task force has held several roundtables and will continue outreach before any proposed rulemaking, Atkins said. He declined to provide a timetable for final regulations but said the agency expects to use public comment and additional coordination with other agencies to craft any new rules.","mediaType","Video","parentTitle","Oversight Hearing – U.S. Securities and Exchange Commission","oneSentenceSummary","SEC Chairman Paul Atkins told a House appropriations subcommittee that developing a clear regulatory framework for crypto markets is a top priority and that the agency will pursue policy through notice-and-comment rulemaking and roundtables.","taxTitle","Appropriations: House Committee, Standing Committees - House & Senate, Congressional Hearings Compilation, Legislative, Federal","taxId",1832,"location","","headline","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},6231592,"Lawmakers raise alarm over tweets, 'meme coins' and Justin Sun ties; SEC chair says he cannot discuss active investigations",415,1677000,2092000,"/Search/View?dp=1&key=3429052-e8cd52582759b812b12c288454d714e9&start=1677&end=2092","https://assets.pipeline.soar.com/3429052-e8cd52582759b812b12c288454d714e9/thumbnail_1677000.jpg","/articles/6231592/Lawmakers-raise-alarm-over-tweets-meme-coins-and-Justin-Sun-ties-SEC-chair-says-he-cannot-discuss-active-investigations","https://secure.pipeline.soar.com/6231592-45efc30ed327a71db904d69a9ea5eb5a/orig.mp4?Expires=1770753575&Signature=ATu1JQAs3hxm-6JPL2NNEQVJxPqHwErpK8mxOL5opduKyHx5p3~UmYZWgYD3-L3Ty7XPgvV3Y18HqbttoCg9Aw-hLIOk4ZBjLQswSxZxYfJz30Fo-OpMFbvAj2LbSRrgRS07JDV~q8oxsFPBqkMDWYLGf19fuJ3ufYPkXTDUKO4yfJ5eXIduQgMTc4MVbvsTv7PpAdK87qwJWqqL2rWm~YBq5K6KJFIKBsC2zK6SMPouyYKufgM~4lM0RcNUVGVvOU4v7iAr2oxC4ILTilTcZM4Qpofw38OKcNglNN~c-T9ZlBadKYUlST1UUgF6WVcMcR-~gvdJYzVMWWkMTa1LmA__&Key-Pair-Id=KUT5TJCACFTXG","Several members of the House panel raised concerns about potential market manipulation tied to social-media posts and trading in so-called \"meme coins,\" citing transactions tied to Justin Sun and family-branded coins launched in January.

Representative Mark Pocan described a series of trades and public posts that, he said, appeared to raise questions about possible insider trading or coordinated market manipulation. Pocan cited an 11/25/2024 purchase, follow-on buys in January, the January 17 and 20 social-media posts announcing a family-branded coin, later coin purchases, and subsequent public events and fundraising tied to the coin. He said the timeline and trading activity merited closer scrutiny.

Atkins declined to discuss specific investigations. \"I can't really talk about any, you know, investigations current or potential or past,\" he told the panel. He described the SEC's investigative intake process in general terms: staff or regional offices can open a matter under investigation, and if it develops, the enforcement division can request formal investigative authority.

Lawmakers told Atkins they had sent letters (including from Senators and other House members) seeking information and asked the SEC to respond. Atkins said the agency takes letters from Congress seriously and pledged to respond, but he said he did not have details about specific active cases.

Members also raised the overlapping civil case involving Justin Sun and referenced a stay motion and consolidated lawsuits. Atkins said he was not familiar with the specifics of that case and noted that SEC staff had previously issued guidance describing some meme coins as collectibles rather than securities, depending on their attributes.

The exchange underscored lawmakers' concern about quick-moving markets, the potential for insiders or connected parties to profit from public statements, and the difficulty of applying century-old tests such as Howey to new instruments. Atkins repeatedly told lawmakers the outcome depends on facts and that the staff is capable of detecting suspicious trading patterns.

No committee action or SEC determination was announced during the hearing; members asked for formal responses to letters and for the agency to take the congressional concerns under advisement.","House members urged the SEC to investigate potential market manipulation tied to social-media posts and trading in \"meme coins,\" including transactions linked to Justin Sun and a family-branded coin; Chairman Paul Atkins said he could not comment on specific investigations.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},6231587,"Lawmakers and SEC chair debate climate disclosure rule defense and data-security risks including the CAT",1546,3494000,5040000,"/Search/View?dp=1&key=3429052-e8cd52582759b812b12c288454d714e9&start=3494&end=5040","https://assets.pipeline.soar.com/3429052-e8cd52582759b812b12c288454d714e9/thumbnail_3494000.jpg","/articles/6231587/Lawmakers-and-SEC-chair-debate-climate-disclosure-rule-defense-and-data-security-risks-including-the-CAT","https://secure.pipeline.soar.com/6231587-c0be60d541fa1d15bee5369ef5ea0585/orig.mp4?Expires=1770753575&Signature=gf2k0PSyWdxtFIFMLvTKuF9A8mSaLLece2koA2orGgC3rL6NQDW6FZCxmWC-Isa4XAD65jfFU2SLrqiBnMe5DdZ-pPoLqzwp8en0~j21PSxUTyLo-oezvGK4jFo4RJuXghABFUEIPN8y2KAXJJ1FZ302u~81YwM4pE8I9QBmmmOimC6y6pQo7jsaZGwPogtAgA7Lhjktf~ADaG4yiGmpYxKECPn1dz6uUc2Dms2h6G1NHF~PxF1K6v1g3LejPDQO75Z-zCBCMu~obUmS5J2ljgrm6jTXii3gCkqhII29UCoe0Bbfqmjk38LCTu7WsqTOcLt1ue-Xx3F03fS8Y7CtbQ__&Key-Pair-Id=KUT5TJCACFTXG","Lawmakers asked the SEC chairman about the agency's recent decision to halt defense of a climate-disclosure rule and about cybersecurity vulnerabilities in the agency's information systems, including concerns tied to the Consolidated Audit Trail (CAT).

A member told the panel she was \"very pleased to see the commission vote to stop defending that controversial climate disclosure rule.\" Atkins said the rule was adopted the prior year, has pending litigation consolidated in the Eighth Circuit, and that the agency had \"put it on ice voluntarily.\" He said the Eighth Circuit had posed questions and that the SEC is actively studying how to proceed and would answer the court's questions in the coming weeks.

Members also raised past and recent data-security incidents at financial regulators and within SEC systems, including prior hacks and an accidental release of confidential filings. One lawmaker urged the SEC to review the CAT, noting the trail collects sensitive personally identifiable investor information and that breaches would create substantial risk. Atkins said he shares the concern and that the SEC has begun a technology and contractual review; he cited near-term contracting savings as part of that effort.

Atkins said staff identified roughly $90 million in contract rationalizations so far and that the agency plans to undertake an IT \"spring cleaning\" to shore up cybersecurity and modernize systems. He pledged to review CAT's costs and vulnerabilities and to work with the committee and administration on potential IT investments.

No formal agency action was announced; Atkins said the SEC would respond to pending congressional letters about these matters and would continue work to determine next steps.","Members pressed the SEC about its defense of a climate-disclosure rule, now paused amid litigation consolidated in the Eighth Circuit, and raised concerns about data security and the Consolidated Audit Trail (CAT). Chairman Paul Atkins said the rule is under active study and pledged to review CAT's cybersecurity and costs as part of a broader IT",{"_33":100,"_35":36,"_37":38,"_39":101,"_41":102,"_43":103,"_45":104,"_47":105,"_49":106,"_51":107,"_53":108,"_55":56,"_57":58,"_59":109,"_61":62,"_63":64,"_65":110,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},6231602,"Lawmakers press SEC chairman on staff reductions; chairman says departures were voluntary and enforcement headcount is down 15%",2925,1073000,3998000,"/Search/View?dp=1&key=3429052-e8cd52582759b812b12c288454d714e9&start=1073&end=3998","https://assets.pipeline.soar.com/3429052-e8cd52582759b812b12c288454d714e9/thumbnail_1073000.jpg","/articles/6231602/Lawmakers-press-SEC-chairman-on-staff-reductions-chairman-says-departures-were-voluntary-and-enforcement-headcount-is-down-15","https://secure.pipeline.soar.com/6231602-2c04af0c93a4f3fef6b1eec7f7d4fa0e/orig.mp4?Expires=1770753575&Signature=WCGOA7y-yBhUkRWM3CJE3stKSMRt59JutePKqLL5Gr0RuvvrQ2ht-lZKi256c6NWv0yZ33NsZv0~ltCIuLAG0OTdMV~rn2f9a4ye4xs2RUzVCskgX37wW40mag8ShtFldNBNXj-EYeP9RqeO9mH2uKvtjqgCkG8kmXbPS5lmflu2vUNZAmXqXt~NAMFJcC~rgZRDt~J4sRgc7Vj8J84wo-b4mptqyw31e6k8cwldR4KvbwX3GIBuJsx20caOEuUUIRr2xoqtWvsRLo-kt4-Jnyr4K1Wrmjk0gKs3gIU4SC70z-5-R6ziqXPoZd1YDDQb5T-t42yjQ5YXfSqeC0HnAA__&Key-Pair-Id=KUT5TJCACFTXG","Members of the House appropriations subcommittee pressed Securities and Exchange Commission Chairman Paul Atkins over recent staffing reductions and what they mean for enforcement capacity.

Ranking Member Steny Hoyer and other lawmakers raised concerns that cuts concentrated in enforcement could weaken the SEC's ability to police fraud and insider trading. \"The SEC ought to address the current mistrust and fraud in our markets by better protecting investors and improving enforcement,\" Hoyer said.

Atkins responded that about \"600 some odd people\" left the SEC through voluntary retirement and separation programs, which he described as voluntary decisions by employees. He said the enforcement division's headcount is down roughly 15 percent and that the total workforce had fallen from about 5,000 employees plus contractors to about 4,200 employees and 1,700 contractors.

Lawmakers asked whether the reductions were the result of management decisions or voluntary exits. Atkins said the departures were voluntary and included retirements and buyouts. \"Some people wanted to move away. Some of them took a buyout,\" he said, and he framed the change as an opportunity to promote younger staff and reduce internal silos.

Members pressed him on whether the agency had assessed which separations, if any, removed personnel whose services were still needed. Atkins said he planned a staffing review and expected to provide further detail in the months ahead as the budget process moves forward.

Atkins also told the committee the SEC will look to reorganize and \"right size\" its operations, including promotions from within where appropriate, and said he will assess whether vacancies should be refilled or whether functions should be consolidated.

The exchange in the hearing highlighted a central oversight question for appropriators: whether the SEC's current headcount and resource allocations can sustain the agency's enforcement responsibilities going forward.","Members of Congress pressed SEC Chairman Paul Atkins about recent headcount reductions. Atkins told the panel roughly 600 employees left via voluntary retirement programs, representing roughly a 15% reduction in overall staff and about a 15% decline in the enforcement division's headcount, and he said the agency is reviewing staffing needs.",{"_33":112,"_35":36,"_37":38,"_39":113,"_41":114,"_43":115,"_45":116,"_47":117,"_49":118,"_51":119,"_53":120,"_55":56,"_57":58,"_59":121,"_61":62,"_63":64,"_65":122,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},6231607,"SEC chair tells appropriations panel he will return rulemaking to notice-and-comment, seeks to disband FinHub",447,457000,904000,"/Search/View?dp=1&key=3429052-e8cd52582759b812b12c288454d714e9&start=457&end=904","https://assets.pipeline.soar.com/3429052-e8cd52582759b812b12c288454d714e9/thumbnail_457000.jpg","/articles/6231607/SEC-chair-tells-appropriations-panel-he-will-return-rulemaking-to-notice-and-comment-seeks-to-disband-FinHub","https://secure.pipeline.soar.com/6231607-63b09440d39c0ffb0375cf8f54a8e63f/orig.mp4?Expires=1770753575&Signature=OO0KZvIjVLJZzOwrK33UMCjbR42i9QJUPUoHwi6w0XpkXqF9VRlBXILPBhb5ExnIAmB3FU5-gzGfvmw2yuCpZ-Mv7Mq3ku3y9qApiSVCkCxZ5r2apeiO0gHWG7A2bNK0AKLMEP92b586uwPkkQEv-xY9q5j6BQ4VNY-n2JESNiG60esp1QLb8nRao1bj3iKegA5UYT-jNrQbW4joioi0hXtghCaDLLpxZrp6rOz2~FnN50Uhz9VR3B-4kvZTPbehz6RmT4ZSuJCxtiw8xS3yRCefnu1WegG~blsI9sUWhDMTFRVh2jMp2bpska2-y8kMy1yEgsokfQCWkwGEGOEKWg__&Key-Pair-Id=KUT5TJCACFTXG","Paul Atkins, chairman of the U.S. Securities and Exchange Commission, told a House appropriations subcommittee that restoring formal rulemaking procedures and clarifying regulatory authority are top priorities for his chairmanship.

Atkins said the SEC will return to ‘‘notice and comment rulemaking, not regulation by enforcement,’’ and will seek congressional approval to disband FinHub so innovation work is embedded across the agency rather than concentrated in a single office.

Atkins framed the change as a restoration of the SEC's statutory duties under the Securities Act and the Exchange Act and said the agency should weigh the costs and benefits of regulation to avoid creating needless friction for capital formation. \"Policy making will be done through notice and comment rule making, not through regulation by enforcement,\" he said.

He told the panel the agency will undertake targeted reorganizations and a technology and contract review to modernize its infrastructure. \"We've begun a process to review our technology infrastructure and our contractual obligations,\" Atkins said, adding the review is part of preparing the SEC to regulate new markets while protecting investors.

On crypto, Atkins said a key priority is \"to develop a rational regulatory framework for crypto asset markets that establishes clear rules of the road for the issuance, custody, and trading of crypto assets while continuing to discourage bad actors from violating the law.\" He emphasized that legal authority for action will come from the securities statutes and that the SEC will coordinate with Congress and other regulators.

Atkins also said the SEC will avoid artificially short comment periods and will consider how rules overlap across regulatory agencies when determining costs and benefits.

The chairman told lawmakers he would work with the administration and other financial regulators as part of the rulemaking process and said the FY2026 budget request and any reprogramming to dissolve FinHub would be presented to Congress through the usual budget process.

Looking ahead, Atkins said the SEC's work will include public roundtables and concept releases to solicit outside input before issuing proposed rules. He described the approach as intended to provide clearer guidance to market participants and reduce uncertainty that can chill capital formation.","Newly reinstalled SEC Chairman Paul Atkins told a House appropriations subcommittee he will prioritize notice-and-comment rulemaking, pursue a ‘‘rational’’ crypto framework, and seek congressional approval to disband the agency's FinHub office and fold innovation work agency-wide.","actionData","errors"]

Article not found

SEC chairman: crypto framework a top priority; task force work and roundtables ongoing

Lawmakers raise alarm over tweets, 'meme coins' and Justin Sun ties; SEC chair says he cannot discuss active investigations

Lawmakers and SEC chair debate climate disclosure rule defense and data-security risks including the CAT

Lawmakers press SEC chairman on staff reductions; chairman says departures were voluntary and enforcement headcount is down 15%

SEC chair tells appropriations panel he will return rulemaking to notice-and-comment, seeks to disband FinHub