US securities regulators opened far fewer crypto-related enforcement actions in 2025, with a Cornerstone Research report pointing to a sharp shift in priorities after President Donald Trump’s administration installed Paul Atkins as SEC chair.
The report found the SEC initiated 13 crypto-related actions in 2025, down from 33 in 2024, a 60% decline and the lowest level since 2017.
Part of that count reflects a handover at the top. Five of the 13 actions were initiated under Gary Gensler before his departure in Jan. 2025, while eight were initiated under Atkins. Those eight included allegations of fraud.
That mix matters for crypto markets that spent the last few years bracing for regulation by enforcement.
Image Source: Cornerstone Research
Fewer Cases, But A Sharper Focus Under Atkins
With the SEC focusing new crypto cases on fraud, the focus has shifted away from broad registration theories and toward cases built around clear investor harm that are easier to argue in court.
The same report also found 29 crypto-related actions were resolved in 2025, including seven that the SEC dismissed under Atkins.
Meanwhile, total monetary penalties imposed against digital asset market participants came to $142M in 2025, which Cornerstone said was less than 3% of the penalties imposed in 2024.
SEC Focus Turns To Frameworks Beyond Courtrooms
“Enforcement actions under Chair Atkins reflect a shift in the SEC’s approach to digital-asset oversight, consistent with the priorities laid out in early 2025,” said Robert Letson, a principal at Cornerstone Research.
“Digital asset regulation continues to evolve and is something we will be watching closely in 2026.”
Atkins took office in April 2025 after a brief period with an acting chair, and legal observers have tracked a broader reset in tone across the agency since the leadership change.
If the SEC keeps prioritizing cases it can frame as fraud, the next phase of US crypto oversight may hinge less on surprise lawsuits and more on what rulemaking, guidance, or negotiated standards the commission chooses to put on the table in 2026.
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