Representative Stephen Lynch criticized the SEC under the Trump administration for reducing enforcement actions against crypto companies, saying there is 'no cop on the beat' for digital assets.
Lynch highlighted the dismantling of teams responsible for combating scams and frauds, including the closure of FinHub, a key office for digital asset expertise. He noted the SEC has dropped several high-profile cases against firms like Ripple Labs and Coinbase.
The SEC, led by Chair Paul Atkins, is working with the CFTC to coordinate oversight of digital assets while Congress debates regulatory clarity.