The U.S. Securities and Exchange Commission (SEC) announced a strategic shift in its enforcement approach for the 2025 fiscal year, moving away from "regulation by enforcement" to focus on fraud, market manipulation, and investor protection. This change comes as the SEC aims to correct its enforcement direction in the crypto sector. During the fiscal year, the SEC pursued several significant cases, including charges against PGI Global's founder for allegedly orchestrating a $198 million crypto and forex fraud, and actions against Unicoin and its executives for false statements and misleading fundraising. The SEC also emphasized its commitment to combating securities fraud involving blockchain and AI technologies.