SEC 承认加密货币打击行动太过“头条新闻”，驳回了 7 起案件

In November 2024, the SEC celebrated 583 enforcement actions and a record $8.2 billion in remedies, saying crypto was proof it could keep pace with emerging threats. This week, the same agency published a 2025 review calling that approach a mistake. The new report said prior resources were misapplied, criticized the pursuit of “media headlines,” and described the past year as a “necessary course correction” that included dismissing seven crypto registration-related cases. While this is a clear sign that the SEC is easing up on crypto , the report also carries a silent admission. We see now that it's publicly disowning the enforcement strategy it was bragging about just over a year ago. What the SEC was selling in 2024 and what changed in 2025 The fiscal 2024 review was triumphant by design. The SEC reported 583 total enforcement actions and said the $8.2 billion in monetary remedies it gathered that year was the highest in the agency's history. It said its enforcement division was keeping pace with emerging threats and listed crypto prominently among them. The Terraform Labs and Do Kwon case, which alone accounted for roughly 56% of the year's total remedies, was treated as a signature achievement and as proof that the SEC could take on complex, high-profile defendants and win. None of that language was even slightly subdued. The 2024 report presented volume and dollar totals as evidence of institutional vigor, positioning large case counts and massive dollar figures as the metrics that defended its relevance. Crypto enforcement wasn't a side project the SEC worked on alongside other industries; it was the flagship. That context is essential to understanding what happened next, because every one of those metrics is now being used against it. The fiscal 2025 review looks like a document written by a different agency. The SEC reported 456 enforcement actions, a decline of more than 20% from the prior year. The headline monetary relief figure is $17.9 billion, but that