Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, sent a letter to U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins. In the letter, Congresswoman Waters is requesting a full technical and impact analysis of the CLARITY Act.

This request comes ahead of tomorrow’s hearing being held by Committee Republicans to discuss the updated digital assets bill, which could significantly reshape how digital assets like cryptocurrency, and other securities, are regulated in the U.S. The Ranking Member is seeking a comprehensive assessment of how the proposal aligns with the SEC’s core mission: protecting investors, maintaining fair and efficient markets, and facilitating capital formation.

“I am writing to request that the U.S. Securities and Exchange Commission (SEC) provide a comprehensive technical and impact analysis of the H.R. 3633, the Digital Asset Market Clarity (CLARITY) Act of 2025,” wrote Congresswoman Waters.

In the past, technical analyses have been readily provided to both the Majority and Minority staff. However—despite multiple requests— the SEC has provided its analysis of the CLARITY Act only to the Republican majority, undermining what is typically an apolitical process. The Ranking Member further expresses concern that SEC Chairman Atkins has not been formally invited to testify at the upcoming hearing—unlike the previous SEC Chairman, who shared public views on the bill last year. Waters emphasizes the importance of hearing directly from Chairman Atkins to inform the public and promote responsible policymaking.

“Additionally, I also recognize and regret you have not yet been invited to testify and publicly offer your views on this bill. Given the significant implications this bill would have on the regulatory landscape for digital assets, investor protection, capital formation, market competition, and the SEC’s ongoing regulatory efforts, a current and thorough analysis from the Commission is needed for informed policymaking,” added Congresswoman Waters. “...The Commission’s expert analysis of the CLARITY Act and fulsome answers to the questions raised above are necessary for the American people, through their representatives in Congress, to determine whether this legislative proposal addresses the unique risks related to crypto, and would facilitate the most conducive environment for responsible innovation.”

The letter closes with a series of questions to respond to by June 6th requesting the SEC’s assessment of how the bill would affect its ability to protect investors in the digital asset market, support capital formation in the crypto industry, and promote competition and efficiency. Waters also asks how the legislation might affect the SEC’s ongoing regulatory work and whether it would allow existing conflicts of interest and risky practices in the crypto industry to continue unchecked.

See the letter HERE.

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