Waters Warns Crypto-Friendly SEC Risks ‘Massive Fraud’

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Since Paul Atkins took over as SEC chair, the agency has adopted a more accommodating stance toward crypto — shelving lawsuits, easing ETF rules, and promoting regulatory engagement through initiatives like Project Crypto. Waters argues this shift puts investors at risk.

A long-time crypto critic, she has previously condemned the pardon of Binance co-founder Changpeng Zhao and warned that proposed legislation such as the CLARITY Act and GENIUS Act could “open the floodgates” to fraud. Her latest push signals a renewed fight over crypto regulation in Washington.

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easing ETF rules and shelving lawsuits reduces tail risk. markets tend to like regulatory certainty