SEC Admits Gary Gensler’s Crypto Cases Produced ‘No Investor Benefit’
The Securities and Exchange Commission (SEC) printed its fiscal yr 2025 enforcement outcomes. In it, the company labeled a number of prior crypto registration instances a “misinterpretation of the federal securities legal guidelines.”
This marks the newest sign of the regulator’s sharp shift in enforcement underneath Chair Paul Atkins, who took the helm in April 2025.
Prior SEC Crypto Cases Face Scrutiny
The report identified that, under former chairman Gary Gensler’s management, beginning in 2022, regulators pursued 95 actions concentrating on companies for recordkeeping failures leading to mixed fines of $2.3 billion.
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The SEC additionally singled out seven crypto agency registration instances and 6 “definition of a supplier” actions. According to the report, these instances “recognized no direct investor hurt” and “produced no investor profit or safety.” The report added that the instances,
“Demonstrate what the present Commission views as a misinterpretation of the federal securities legal guidelines, a misallocation of Commission sources, and a bias for quantity of instances introduced versus issues of investor safety.”
SEC Chairman Paul Atkins said the agency has moved away from “regulation by enforcement.” According to him, the SEC is refocusing its efforts as a substitute on instances that immediately safeguard traders and strengthen the integrity of economic markets.
“We have redirected sources towards the kinds of misconduct that inflict the best hurt—notably fraud, market manipulation, and abuses of belief—and away from approaches that prioritized quantity and record-setting penalties over true investor safety,” he added.
Notably, since February 2025, the SEC has dismissed enforcement actions against Coinbase, Binance, Kraken, Consensys, Cumberland DRW, Dragonchain, and Balina.
The report additionally revealed that in fiscal yr 2025, the SEC filed 456 enforcement actions. This comprised 303 standalone instances and 69 administrative proceedings.
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