SEC Crypto Enforcement Plummets 60% Under Trump-Appointed Chair Paul Atkins
The SEC's crypto enforcement actions collapsed to 13 cases in 2025 under Chairman Paul Atkins, a 60% drop from 2024's 33 cases and the lowest level since 2017. Five cases were legacy actions from Gary Gensler's tenure, while Atkins initiated eight – all focused on provable fraud rather than regulatory theory.
Monetary penalties cratered to $142M (under 3% of 2024 totals) as the agency dismissed seven cases. The shift reflects a strategic pivot toward court-worthy allegations of investor harm over broad registration battles.