On May 20, according to 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 Appropriations Subcommittee on May 20. He said 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 strict cost-benefit analysis when formulating rules to avoid excessive supervision having an adverse impact on 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 adopt a cautious attitude in digital asset regulation to avoid hindering technological progress. He said the SEC will continue to fulfill its mission of protecting investors and maintaining market integrity, while promoting the healthy development of financial markets.