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Inside the SEC’s closing debate of 2025 

U.S. Securities and Exchange Commission Chairman Paul S. Atkins.
SEC Chairman Paul S. Atkins. Photo: Michael M. Santiago/Getty Images

The SEC’s final Investor Advisory Committee meeting of the year offered an unusually clear window into the philosophical divides shaping American securities regulation.

Over the course of a single day, Commissioners Caroline Crenshaw, Hester Peirce, Mark Uyeda, and Chair Paul Atkins laid out competing accounts of what investor protection should mean in an era of rapid technological change, rising political scrutiny, and shifting governance norms. 

Those remarks ranged from warnings about a