The U.S. Securities and Exchange Commission (SEC) stated that some enforcement actions against crypto companies have failed to directly protect investors and reflect a misunderstanding of federal securities laws. The SEC disclosed that since fiscal year 2022, it has initiated 95 related enforcement actions, involving approximately $2.3 billion in fines. Some of these cases did not reveal actual investor losses or provide significant protection or benefits. The regulator pointed out that such enforcement reflects, to some extent, a tendency to prioritize quantity over quality and inappropriate resource allocation. Under current Chairman Paul Atkins, the SEC stated that it has shifted its enforcement focus from pursuing a large number of cases to targeting behaviors with a greater impact on investors, such as fraud and market manipulation. Data shows that the number of enforcement actions against publicly traded companies (including those in the crypto sector) in fiscal year 2025 decreased by approximately 30% compared to the previous year. (Cointelegraph)