PANews reported on May 20 that according to the official website, the U.S. Securities and Exchange Commission (SEC) announced that its chairman Paul S. Atkins testified before the House Financial Services and General Services Appropriations Subcommittee on May 20. He stated that he would give priority to promoting the SEC's regulatory transparency and accountability mechanisms, especially in the field of digital assets, and emphasized that the SEC should conduct rigorous cost-benefit analysis when formulating rules to avoid excessive regulation that would adversely affect market innovation.

Paul Atkins also pointed out that the SEC will strengthen cooperation with Congress to develop a reasonable regulatory framework for the crypto asset market, ensure that its regulatory activities are in line with legislative intent, and take a prudent approach to digital asset regulation to avoid hindering technological progress. He said that the SEC will continue to fulfill its mission of protecting investors and maintaining market integrity while promoting the healthy development of financial markets.