Key US Democratic senators are calling for the advancement of crypto legislation, while the SEC chairman says the lack of legislation could lead to policy regression.

PANews reported on February 13th, citing CoinDesk, that SEC Chairman Paul Atkins stated at a Senate Banking Committee hearing that while the agency has the authority to provide regulatory clarity for the crypto industry through rulemaking, such rules lack "future adaptability" and are easily overturned by subsequent governments. Therefore, they "need to have a solid legal foundation to prevent future setbacks." Atkins stated that the SEC currently has "considerably broad powers" to advance rulemaking through the "Project Crypto" agenda, but he emphasized that "a good law from Congress" is needed to support these rules. Despite intermittent progress in the Senate regarding legislation regulating the cryptocurrency market structure, Senator Mark Warner, one of the leading Democratic negotiators, stated at the hearing that he still hopes for progress.