SEC 改变了加密货币执法方针并否认了自己的做法

The SEC is now publicly distancing itself from the crypto enforcement strategy it once showcased as proof of its toughness. In its latest annual review, the agency casts several recently dismissed crypto cases as evidence that prior leadership chased volume and headlines over measurable investor harm. 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. Why this matters This is bigger than a softer tone on crypto. The SEC is signaling that one of Washington’s most aggressive regulatory campaigns may have overreached, which affects how investors, exchanges, and policymakers read the next phase of crypto enforcement and rulemaking. 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 i