Overview
- The analysis found the SEC paused, reduced, or dismissed roughly 60% of 23 crypto matters it inherited in 2025, an atypical retreat concentrated in one industry.
- No new crypto enforcement actions were filed during this period even as the commission continued bringing dozens of non‑crypto cases.
- Several firms that benefited later had financial or political ties to President Trump or his family, though the reporting found no evidence of direct pressure on the agency.
- SEC Chair Paul S. Atkins framed the shift as ending “regulation by enforcement,” and the SEC and White House rejected claims of favoritism on legal and policy grounds.
- Internal resistance and legal checks emerged, including a judge blocking a proposed reduction of Ripple’s penalty, as leadership changes set a durable course for lighter crypto oversight.