In November 2024, the SEC celebrated 583 enforcement actions and a record $8.2 billion in remedies, saying crypto was proof it could keep pace with emerging threats. This week, the same agency published a 2025 review calling that approach a mistake.
The new report said prior resources were misapplied, criticized the pursuit of “media headlines,” and described the past year as a “necessary course correction” that included dismissing seven crypto registration-related cases.
While this is a clear sign that the SEC is easing up on crypto, the report also carries a silent admission. We see now that it’s publicly disowning the enforcement strategy it was bragging about just over a year ago.
