The U.S. Securities and Exchange Commission (SEC) initiated only 13 cryptocurrency-related enforcement actions in 2025, representing a 60% decrease from the 33 cases in 2024. This marks the lowest level of enforcement since 2017. Under the leadership of a Trump-appointed chair, the SEC imposed $142 million in fines on digital asset market participants in 2025, which is less than 3% of the total fines from the previous year.