Under new leadership from Paul Atkins, the SEC is redefining how it approaches crypto enforcement. The agency says it is moving away from prioritizing the number of cases and record-setting penalties, instead focusing on misconduct that directly harms investors—such as fraud, market manipulation, and abuse of trust.

This change follows what the SEC described as an “unprecedented rush” of enforcement actions leading up to 2025, where aggressive legal theories were pursued without always delivering clear investor benefits. Early data suggests the shift is already underway, with enforcement actions dropping significantly as the agency reallocates resources toward higher-impact cases.