The U.S. Securities and Exchange Commission (SEC) in its published Fiscal Year 2025 Enforcement Results Report acknowledged that some past enforcement actions against cryptocurrency companies lacked clear investor benefits and misinterpreted federal securities laws. The SEC stated that since Fiscal Year 2022, the agency has initiated 95 actions related to “book and record violations,” with total fines reaching $2.3 billion, but cases involving cryptocurrency company registration and “broker-dealer definitions” did not identify direct investor harm nor produce actual protective effects, reflecting a past bias and resource misallocation focused on “quantity of cases rather than protective outcomes.”(Cointelegraph)