The number of cryptocurrency-related enforcement actions initiated by the U.S. Securities and Exchange Commission in 2025 fell sharply in the first year of Chair Atkins’ tenure, according to a Cornerstone Research update. The report SEC Cryptocurrency Enforcement: 2025 Update found that the SEC initiated only 13 actions in 2025, a 60% decline from 33 actions in 2024.
Of the 13 actions, five were brought under Chair Gary Gensler before his departure in January, while eight actions were initiated under Atkins, all alleging fraud. A total of 29 actions were resolved in 2025, seven of which were dismissed by the SEC under Atkins.
Monetary penalties imposed against digital-asset participants totaled $142 million in 2025, representing less than 3% of the penalties imposed in 2024. Enforcement actions under Atkins reflect a shift in the SEC’s approach to digital-asset oversight, aligning with the priorities laid out in early 2025, said Robert Letson, a Cornerstone Research principal and one of the report’s authors. “Digital asset regulation continues to evolve, and we will be watching developments in 2026.”
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