#SEC 📉 SEC admits mistakes: The end of the era of “regulation by coercion”?
What was a cause for pride a year ago is now officially called a mistake. The US Securities and Exchange Commission (SEC) has published a report for the 2025 fiscal year, which has become a real sensation in the world of crypto assets.
🔄 From “winning records” to self-criticism
In November 2024, the SEC boasted records: 583 cases and $8.2 billion in fines. The cryptocurrency sector was the main target. But the 2025 report looks like it was written by a completely different agency:
• Admitting mistakes: The agency directly stated that the previous approach was aimed at “media headlines” and not at real investor protection.
• Case closures: The SEC closed 7 cases related to the registration of crypto assets, recognizing them as examples of “misallocation of resources”.
• Falling indicators: The number of enforcement actions fell by 20%, and the actual amount of funds collected (excluding old debts) decreased to $2.7 billion.
🏛 What has changed in strategy?
1. Retreat in high-profile cases: In early 2025, the SEC withdrew the lawsuits against Coinbase and Binance, and also closed the investigation into Robinhood.
2. New course: Instead of punishing for “improper registration”, the new working group will focus on clarifying the rules of the game.
3. Personnel change: After the previous director was fired due to internal conflicts, the new head of the department was David Woodstock, a supporter of a more restrained approach.
📝 Summary
The SEC has effectively discredited its own work from two years ago. Now success is measured not by the number of fines, but by the quality of the rules. For the crypto market, this means a transition from “survival mode” to attempts at a constructive dialogue with the regulator.
The irony of the moment: In 2024, large fines were considered a success. In 2026, their absence is considered a success.