Even as the U.S. Securities and Exchange Commission adopts a more measured approach to crypto enforcement, it continues to pursue serious violations. In 2025, the agency filed cases against firms like Unicoin over alleged investor misrepresentation, as well as individuals tied to large-scale fraud schemes.

One notable case involved a $200 million Ponzi scheme that led to criminal sentencing alongside civil action. These cases highlight the SEC’s evolving strategy: stepping back from technical or low-impact violations while maintaining a strong focus on clear fraud and investor harm. The message is becoming clearer—enforcement isn’t going away, but it’s becoming more selective and purpose-driven.