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OPINION: The evolving enforcement ecosystem – the SEC’s retreat that isn’t

In this photo illustration, a visual representation of the digital cryptocurrency Bitcoin is displayed in front of the Securities and Exchange Commission (SEC) logo.
Photo: Chesnot/Getty Images

Howard Fischer | Moses & Singer, Samuel Goodstein | Moses Singer

3 min read
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New report could suggest a retreat from digital asset enforcement. That conclusion would be understandable – and wrong. 

The SEC just announced (somewhat later than is typical), its enforcement results for the fiscal year ending on September 30, 2025. In a radical break from previous reports, it trumpeted the significant reduction in cases brought, instead of heralding recent enforcement triumphs.

Proclaiming that the SEC would now focus on cases involving

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