A new report from Cornerstone Research shows that enforcement activity at the US Securities and Exchange Commission (SEC) has dropped significantly under current Chair Paul Atkins, marking a notable shift from the agency’s approach under former Chair Gary Gensler.
According to the report released Wednesday, enforcement actions against public companies and their subsidiaries fell by about 30% in fiscal year 2025 compared with fiscal year 2024. Cornerstone described the trend as consistent with previous administrative transitions, including the handover from Gensler.
Although the SEC ended several investigations involving crypto firms following Gensler’s departure, Cornerstone’s report cited only one specific case: the dismissal of the agency’s lawsuit against Coinbase, which occurred in February.
Digital assets absent from SEC’s latest oversight priorities
Earlier this week, the SEC’s Division of Examinations published its priorities for the 2026 fiscal year, notably excluding references to cryptocurrencies or digital assets.
Cornerstone said this aligns with the current administration’s stated direction. “The dismissal is consistent with the stated priorities of the current SEC administration,” the firm noted. It added that Chair Atkins considers establishing a “rational, coherent, and principled” regulatory foundation for digital assets a “top priority.”
The agency’s output was also affected by a 43-day US government shutdown, which left the SEC operating with limited staff and curtailed its enforcement and oversight work. With operations now restored, the SEC has continued reviewing filings for initial public offerings, exchange-traded funds, and other regulated products.
Congress prepares digital asset market structure bill
Republican leaders on the Senate Banking Committee said they expect a comprehensive digital asset market structure bill to advance by early 2026.
The legislation was initially expected to be passed before the end of this year, but the government shutdown and disagreements among Senate Democrats particularly over provisions involving decentralized finance delayed progress.
If enacted, the bill could grant the Commodity Futures Trading Commission (CFTC) substantial authority over digital asset markets. Atkins has said the SEC would not adopt a “lax” enforcement stance should the law give the agency oversight responsibilities, including for crypto cases.