The transition from Gary Gensler to Paul Atkins led to a significant decline in enforcement cases across the board, including those involving crypto companies.
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Consulting company Cornerstone Research reported a significant drop in the number of enforcement actions implemented by the current leadership of the US Securities and Exchange Commission, compared to that under the previous administration.
In a report released on Wednesday, Cornerstone that, under SEC Chair Paul Atkins, the number of enforcement actions against public companies and their subsidiaries decreased by about 30% in fiscal year 2025 compared to those in fiscal year 2024.
The company said the data was “consistent with the general pattern for other fiscal years when the SEC administration changed,” referring to former Chair Gary Gensler.
Although the financial regulator dropped investigations and lawsuits against several crypto companies following Gensler’s departure, the report only referenced the , dropped in February.
Earlier this week, the SEC’s Division of Examinations for the fiscal year through 2026, not mentioning cryptocurrencies or digital assets.
“The dismissal is consistent with the stated priorities of the current SEC administration,” said Cornerstone. “Chair Atkins has signaled that a ‘top priority’ of his administration will be ‘to provide a firm regulatory foundation for digital assets through a rational, coherent, and principled approach.’”
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The SEC operated with limited staff for 43 days amid a US government shutdown that , curtailing its enforcement and oversight capabilities. Following its return to normal operations, the agency released its examination priorities for 2026 and continued reviewing applications for initial public offerings, exchange-traded funds, and other matters within its purview.
As of Tuesday, Republican leaders on the Senate Banking Committee a comprehensive bill on digital asset market structure by early 2026.
The initial timeline, anticipating the legislation being signed into law before the end of the year, was delayed by the government shutdown and on DeFi provisions.
If passed, the law could grant the Commodity Futures Trading Commission significant authority to regulate digital assets. Atkins said that, under the SEC’s potential authority, it , likely including cases involving crypto.
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