SEC Enforcement Actions Dropped 30% Under Paul Atkins: Report

Why It Matters

The reduction in SEC enforcement signals a potentially more permissive environment for crypto firms, but pending legislation could shift regulatory power to the CFTC, reshaping compliance and enforcement dynamics across the digital‑asset industry.

Summary

A Cornerstone Research report shows that SEC enforcement actions fell about 30% in fiscal 2025 under Chair Paul Atkins compared with fiscal 2024, continuing a pattern of declines after leadership changes from Gary Gensler. The drop includes fewer crypto-related investigations, highlighted by the dismissal of the Coinbase case, while the SEC’s examination priorities through 2026 omit digital assets. Atkins has pledged a “rational, coherent, and principled” regulatory framework for digital assets, but also warned the agency will not be lax on enforcement if its authority expands. Meanwhile, a Senate‑led digital‑asset market‑structure bill, delayed by the shutdown, could give the CFTC broader oversight of crypto, with a target enactment early 2026.