SEC 放弃追捕加密企业，后续监管态度有何转变？
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SEC 放弃追捕加密企业，后续监管态度有何转变？
When the spring breeze blows, where will the subsequent crypto compliance go?
Navigating Web3 tides with focused insightsWritten by: Pzai, Foresight News
According to The Wall Street Journal, the SEC dropped its investigation into Uniswap Labs on February 26. Previously, the SEC had also abandoned or postponed investigations into OpenSea and Coinbase.
Since Gary Gensler took charge of the SEC, the crypto industry has voiced strong criticism toward U.S. regulation. As the crypto market gradually flourished, the SEC's penalty amounts have surged in recent years, reaching a record high of $4.7 billion in 2024—surpassing the total from the previous six years combined (with the Terraform Labs UST incident accounting for most of this). Over the past decade, the SEC has issued nearly $3 billion in fines related to digital assets.
However, with Trump’s return to power and his pro-crypto stance, the SEC has begun loosening its tight grip on crypto regulation, creating what is effectively a regulatory "vacuum." On February 4, the SEC released the work plan of its Crypto Task Force, marking a significant shift in U.S. crypto regulation. This task force aims to bring greater clarity to the regulatory framework for crypto assets while maintaining support for innovation. What does such a major shift mean for the market? And as favorable winds blow, where will crypto compliance go from here?
Regulatory Shift
Previously, the SEC's regulatory storm swept across multiple exchanges (such as Binance, Coinbase, Kraken) and top-tier crypto protocols (like Ripple, TON, Consensys). Ripple Labs drew significant attention due to the legal question over whether XRP should be classified as a security under U.S. law, facing a $125 million fine. Telegram was found to have illegally sold unregistered tokens during its TON token sale and was fined $1.24 billion. These cases highlighted how the SEC previously focused on case-by-case enforcement against specific companies rather than establishing broad, industry-wide regulations—creating substantial uncertainty within the crypto sector.
Following the crypto industry’s political gains, 18 U.S. states sued the SEC and its commissioners in November 2024, accusing them of overreach and unconstitutional actions, and of unfairly targeting the crypto industry. In a September 2024 interview with Foresight News, Hester M. Peirce, known as the "Crypto Mom" at the SEC, expressed disappointment with the then-current regulatory policies: "I'm frustrated by our lack of progress, which motivates me to keep advocating for better engagement with the crypto world. I hope to see a future where the SEC isn't just a 'Securities and Enforcement Commission,' but a place where crypto projects feel they can truly come talk to us and register when needed."
After this turning point, Teresa Goody Guillén, former litigation advisor at the SEC and partner at BakerHostetler, predicted that the SEC would bring fewer cases against cryptocurrency firms in the new year, and could only pursue litigation where securities are involved.
Further reading: Interview with the SEC's "Crypto Mom": Behind 10 Years of $3 Billion in Penalties Lies Insufficient Regulatory Progress in the U.S.
SEC Rebirth
In recent moves, the SEC has indeed been steadily advancing crypto regulatory "compliance," including dropping appeals against challenges to crypto dealer rules; pushing forward crypto classification bills and regulatory frameworks; and pausing or withdrawing lawsuits against entities such as crypto miner Geosyn Mining, trading platform Robinhood Crypto, NFT marketplace OpenSea, and DEX UniSwap.
Under this broader trend, ETF approvals are accelerating rapidly—even progress on ETF staking is moving quickly. On February 20, Fox News reporter Eleanor Terrett reported that sources close to recent SEC discussions said the agency is “very, very interested” in staking. On February 5, the Crypto Task Force met with representatives from Jito Labs and Multicoin Capital, primarily discussing the possibility of incorporating staking features into exchange-traded products (ETPs), as well as potential models for yield-bearing staking within crypto asset ETPs.
Behind these frequent developments, the newly formed SEC Crypto Task Force in February this year has played a crucial role. The task force aims to systematically address legal uncertainties facing the industry and enhance regulatory transparency and predictability. As leader of the group, Peirce stated in the task force's work plan that its primary mission is to clarify the status of crypto assets under securities law, define which crypto assets qualify as securities, establish a corresponding regulatory framework, and provide temporary exemption pathways for compliant projects.
In this regard, Pierce outlined several key priorities:
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Drawing Clear Boundaries: The task force will strictly operate within the SEC’s statutory authority while actively collaborating with other regulators to build a comprehensive and coordinated regulatory system. A key initiative includes promoting cross-border regulatory sandboxes, where projects can conduct limited trials within defined scales and timeframes based on different national regulatory frameworks.
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Steady Progress: Given the high complexity of crypto regulation, reforms cannot happen overnight and require sustained time and effort. The task force will proceed in an orderly and lawful manner, advancing step by step.
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Efficient Processing: To better meet industry needs, the task force will accelerate the processing of exemption applications, no-action letters, and registration statements, improving efficiency and reducing unnecessary delays.
It is encouraging to see that, from the SEC’s perspective, Pierce and her team have become a stabilizing force for regulatory advancement in crypto. In a prior interview, she said: "I hope we can tell people that the U.S. SEC is open to innovators from anywhere. We want people to come here and build things, just as people come from around the world to invest in our capital markets because ours are excellent markets. I hope the quality of our markets becomes the reason people choose to come here."
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