SEC former acting chair Mark Uyeda confirmed that the U.S. Securities and Exchange Commission voluntarily withdrew multiple lawsuits against crypto firms in early 2025. The core motivation was to avoid potential institutional reputational risk that could arise during court proceedings. This marks a substantive contraction of the SEC’s strong regulatory enforcement framework in the early period of its leadership. Previously, the pace of compliance pressure targeting issuers in the $BTC and $ETH ecosystems had clearly slowed down. The first key observation point ahead is whether, in the fourth quarter of 2025, the SEC will issue regulatory guidance on the classification of crypto assets, clarifying the compliance recognition standards for non-securities tokens. The second observation point is the outcome of federal court rulings on the remaining crypto-related cases that were not withdrawn in the first half of 2026, which will directly validate whether this withdrawal reflects an active strategy shift or limited enforcement resources. #加密监管 #Institutional developments