SEC Chairman Atkins questioned by Congress over relationship between Trump meme cryptocurrency and Sun Yuchen

According to The Block, SEC Chairman Paul Atkins was questioned during a congressional hearing on May 20th regarding his stance on Trump's involvement in Memecoin and Sun Yuchen related transactions. Congressman Ivey pointed out that Sun Yuchen's company had purchased $30 million worth of World Liberty Financial tokens related to Trump, and that he was an invited guest at the President's crypto dinner, which raised concerns about potential conflicts of interest. Atkins responded that the Sun case is still being processed, and the SEC has currently determined that Memecoin is not a security and stated that it will promote transparent, rule oriented cryptocurrency regulatory reform. SEC Chairman: Promote transparency and accountability mechanisms for SEC regulation in the cryptocurrency field, and avoid over regulation when formulating rules.