The U.S. Securities and Exchange Commission (SEC) acknowledged in its published Fiscal Year 2025 Enforcement Results Report 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. However, cases involving cryptocurrency company registration and the "broker-dealer definition" did not identify direct investor harm nor produce actual protective effects, reflecting a past bias toward "pursuing case numbers rather than protective outcomes" and misallocation of resources. (Cointelegraph)

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