PANews reported on April 8th, citing Cointelegraph, that the U.S. Securities and Exchange Commission (SEC) stated on Tuesday that some past enforcement actions against cryptocurrency companies lacked a clear understanding of investor interests and misinterpreted federal securities laws. Since fiscal year 2022, the SEC has initiated 95 actions related to "bookkeeping and record violations," resulting in total fines of $2.3 billion. The SEC noted that these cases, along with seven cases related to cryptocurrency company registration and six "dealer definition" cases, did not find any direct harm to investors or generate any investor interests or protections. The SEC acknowledged that this reflects a problem of "prioritizing the number of cases over investor protection," a misallocation of resources, and a misunderstanding of federal securities laws.

Since Paul Atkins became chairman of the SEC in April 2025, the agency has shifted its focus from quantity to quality, prioritizing cases that cause the most harm, such as fraud, market manipulation, and abuse of trust. According to a Cornerstone Research report, the number of enforcement actions against publicly traded companies during Atkins' tenure decreased by approximately 30% compared to fiscal year 2024.