SEC enforcement actions dropped 30% under Paul Atkins: Report

Cornerstone Research just dropped the tea — SEC enforcement actions against public companies and their subsidiaries fell by a massive 30% in FY2025 under Chair Paul Atkins compared to Gary Gensler's FY2024. That's not just a blip — it's a pattern that happens when the SEC administration changes hands.

The report specifically called out the SEC dropping its case against Coinbase in February as "consistent with the stated priorities of the current SEC administration." Atkins has been clear his top priority is building a "rational, coherent, and principled approach" to digital assets.

Meanwhile, the SEC's Division of Examinations just released its priorities for FY2026 — and crypto/digital assets got zero mention. That's a major shift from the Gensler era's crypto crackdown obsession.

The SEC also faced a 43-day government shutdown that just ended last week, which limited its enforcement capabilities. But now they're back to reviewing IPOs, ETFs, and other regulatory business.

Republican leaders on the Senate Banking Committee expect to pass a comprehensive digital asset market structure bill by early 2026. The timeline got pushed back due to the government shutdown and pushback from Senate Democrats on DeFi provisions.

If this bill passes, it could give the CFTC major authority over digital assets. Atkins has said that even under potential new authority, the SEC won't be "lax" on enforcement — including crypto cases.