Consulting company Cornerstone Research has reported a notable decrease in the number of enforcement actions initiated by the current leadership of the US Securities and Exchange Commission (SEC) when compared to the previous administration.
In a report released on Wednesday, Cornerstone indicated that under SEC Chair Paul Atkins, the number of enforcement actions against public companies and their subsidiaries experienced a reduction of approximately 30% in fiscal year 2025, relative to fiscal year 2024.
The company stated that this data aligns with the typical pattern observed in other fiscal years when there has been a change in the SEC administration, referencing former Chair Gary Gensler.
While the financial regulator did drop investigations and lawsuits against several crypto companies after Gensler's departure, the report specifically mentioned the SEC's case against Coinbase, which was dismissed in February.
Earlier in the week, the SEC’s Division of Examinations released its examination priorities for the fiscal year through 2026. Notably, this document did not include any mention of cryptocurrencies or digital assets.
Cornerstone commented that this dismissal is consistent with the stated priorities of the current SEC administration. The firm quoted Chair Atkins as signaling 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."
The SEC's operational capacity was impacted for 43 days due to a US government shutdown that concluded last week, which temporarily curtailed its enforcement and oversight activities. Following the resumption of normal operations, the agency released its examination priorities for 2026 and continued its review of applications for initial public offerings, exchange-traded funds, and other matters within its jurisdiction.
Market Structure Bill Awaits Congressional Action
As of Tuesday, Republican leaders on the Senate Banking Committee anticipated the passage of a comprehensive bill addressing digital asset market structure by early 2026.
The initial timeline, which aimed for the legislation to be signed into law before the end of the current year, was postponed due to the government shutdown and subsequent pushback from Senate Democrats regarding provisions related to Decentralized Finance (DeFi).
If enacted, the proposed law could grant the Commodity Futures Trading Commission (CFTC) substantial authority to regulate digital assets. Chair Atkins has stated that under the SEC's potential authority, the agency would not be "lax" on enforcement, likely encompassing cases involving cryptocurrency.