Some past enforcement actions against cryptocurrency companies lacked clear investor benefit and misinterpreted federal securities laws, the US Securities and Exchange Commission (SEC) said on Tuesday.

Since the 2022 fiscal year, the SEC brought 95 actions and $2.3 billion in penalties for “book-and-record violations,” it said in a statement about its enforcement results for 2025.

“Together with seven crypto firm registration-related and six ‘definition of a dealer’ cases, these cases identified no direct investor harm from those violations, produced no investor benefit or protection.”

It also reflected a “bias for volume of cases brought versus matters of investor protection,” a misallocation of resources and a…