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For the first time in 5-7 years, the SEC has removed crypto from its annual examination priorities, signaling a shift from enforcement-heavy oversight to a guidance-driven regulatory approach under the Trump administration.
David Miller, a former SDNY prosecutor who also defended crypto firms, takes over CFTC enforcement amid a 77% drop in actions and a 21.5% staffing cut. The agency promises to end 'witch hunts' while preparing for a vastly expanded role under the pending CLARITY Act.
For the first time since 2021, the SEC's annual examination roadmap makes zero mention of cryptocurrency. Is this the end of regulation by enforcement, or just a pause before the next storm?