Shift in Regulatory Focus

The U.S. Securities and Exchange Commission’s (SEC) latest document outlining its examination priorities for 2026 has notably excluded its customary section dedicated to cryptocurrency. This omission appears to align with President Donald Trump's increasingly favorable stance towards the digital asset industry.

On Monday, the SEC’s Division of Examinations released its examination priorities for the fiscal year ending September 30, 2026. This document did not include any specific mentions of cryptocurrency or digital assets.

However, the SEC clarified that the stated priorities do not constitute a comprehensive list of all areas the Division will concentrate on throughout the upcoming year.

Industry Growth Under Trump Administration

The U.S. cryptocurrency industry has experienced significant expansion under President Trump, who has largely pursued a deregulatory approach to the sector. Concurrently, his family has increased their involvement in crypto through ventures such as a trading platform, a mining business, and involvement with stablecoins and tokens.

SEC Chair Paul Atkins stated, "Examinations are an important component to accomplishing the agency’s mission, but they should not be a ’gotcha’ exercise." He further commented, "Today’s release of examination priorities should enable firms to prepare to have a constructive dialogue with SEC examiners and provide transparency into the priorities of the agency’s most public-facing division."

The Division of Examinations is tasked with investigating various entities, including investment advisers, broker-dealers, clearing agencies, and stock exchanges, to ensure their compliance with federal securities laws.

Previous Focus on Crypto Assets

In the previous year, under the leadership of outgoing SEC Chair Gary Gensler, the Division had explicitly stated its intention to focus on activities involving the "offer, sale, recommendation, advice, trading, and other activities involving crypto assets." This included a specific mention of spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds as a priority.

Last year, the Division stated, "Given the volatility and activity involving the crypto asset markets, the Division will continue to monitor and, when appropriate, conduct examinations of registrants offering crypto asset-related services."

The examination division had also included a dedicated section on crypto assets and emerging financial technology in its report for 2023.

Current Examination Priorities

In its most recent list of priorities, the SEC indicated a focus on "core areas," which include fiduciary duty, custody, and the protection of customer information.

The SEC's report also highlighted its intention to concentrate on "the risks associated with the use of emerging technologies," with particular emphasis placed on artificial intelligence and automated investment tools.

Furthermore, a section of the agency's report outlines that it will give "particular attention" to firms' capabilities in responding to and recovering from cyber incidents, including those involving ransomware attacks.