During a congressional hearing on May 20, 2025, SEC Chair Paul Atkins faced scrutiny about a Trump-linked memecoin and potential ties to crypto figure Justin Sun. This inquiry highlights ongoing regulatory challenges in the cryptocurrency space as the SEC under Atkins’ leadership attempts to balance innovation with enforcement, aligning with Trump’s pro-crypto stance. The hearing reflects existing regulatory complexities as Atkins, appointed by Trump, emphasizes pro-crypto stances. His appointment in January 2025 marked a shift from Gary Gensler’s policies during Biden’s term and the memecoin discussion raises questions about the SEC’s approach towards cryptocurrencies aligned with the current administration.