It was clear when former SEC Chair Gary Gensler departed the agency last year that we would see an about-face on crypto. A new Cornerstone Research report shows how that softer touch played out on the enforcement front. This press release highlights a few key findings:

· Of the 13 actions initiated in 2025, five were brought under Chair Gensler before his departure in January. Eight actions were initiated under Chair Atkins, all of which contained allegations of fraud.

· A total of 29 actions were resolved in 2025, seven of which were dismissed by the SEC under Chair Atkins.

· Monetary penalties imposed against digital-asset market participants totaled $142 million in 2025, representing less than 3% of the monetary penalties imposed in 2024.

As I noted elsewhere today, enforcement may be the main hook for crypto until a comprehensive regulatory framework is in place, but it doesn’t seem like the SEC is out to surprise anyone with novel legal theories right now. On the other hand, the same may not be true of state regulators, and that dynamic will be relevant until there’s a federal statute that preempts state law.

– Liz Dunshee