SEC Enforcement Falls to Its Lowest Level Since 1991 Under Chair Paul Atkins

The agency opened 348 cases in the year, a 23.7% decline from 456 the year before. Reuters, reviewing SEC records, says that is the smallest total since 1991. Standalone actions slid to 235 from 303. It was Paul Atkins’ first full fiscal year leading the commission, and the numbers show a regulator doing noticeably less than before.

Crypto Cases Still on the Docket

Even with the slowdown, several digital asset matters made the annual report. The SEC charged three purported crypto trading platforms and four investment clubs over a scheme that took at least $14 million from investors. It also accused the founder of a Bitcoin mining business of diverting $48.5 million after raising more than $95.6 million from roughly 6,400 people. Older cases moved forward too: a jury held Ismael Zarco Sanchez liable in the $300 million CryptoFX Ponzi scheme, a court ordered Michael Noble to pay $1.07 million over BitConnect promotion, and in April Francis Decker, the Prager Metis partner who led FTX’s audits, settled charges over failing to meet auditing standards.

Crypto Enforcement Was Already Shrinking

Cornerstone Research counted 13 crypto related actions in 2025, down from 33 in 2024, and only five of those came before Gary Gensler left in January 2025. Looking ahead, the SEC says a new enforcement analytics office is using blockchain and financial flow analysis to spot misconduct sooner.