US SEC Examination Priorities for Next Year Again Include Crypto

The U.S. Securities and Exchange Commission (SEC) will continue prioritizing crypto as part of its 2025 examination agenda, despite possible leadership and government oversight shifts.

The commission’s Division of Examinations announced on October 21 its priorities for the new year, with a particular emphasis on digital assets and related services and products. The SEC plans to scrutinize crypto activities, such as their offering, selling, trading, and advertising, with particular attention on spot Ether and Bitcoin ETFs. The SEC first greenlit Bitcoin spot ETFs in January, followed by the approval of Ether spot ETFs in May.

The division highlighted that given the fluctuating nature and significant activity in crypto markets, it will continue to conduct examinations of firms offering crypto-related services. This approach aims to address the technological challenges tied to blockchain, including securing crypto assets against potential risks.

According to the division’s acting director, Keith Cassidy, the priorities list identifies areas that could pose increased risks to investors. He suggested that the SEC’s stance on digital assets would remain consistent in 2025, reinforcing a steady approach. SEC Chair Gary Gensler also echoed this sentiment, noting that the division aims to help market participants understand regulatory expectations while maintaining investor protection and enabling capital growth.

The SEC has come under fire for its regulatory posture under Gensler’s direction, especially for its enforcement-oriented strategy, which has led to legal actions against several crypto companies. Additionally, the regulator has issued Wells Notices to companies such as Uniswap and OpenSea in the past year, deeming some of their services as securities offerings, which could lead to potential legal action.

However, a recent ruling by the Supreme Court in June that reversed the long-standing Chevron theory could have an impact on the SEC’s future legal position in these cases. However, the agency still has proceedings pending against companies like Coinbase Global Inc. (NASDAQ: COIN) and Ripple, among others.

While Gensler’s term officially extends to June 2026, some experts speculate he may step down in early 2025 if a new presidential administration assumes office. During a Bitcoin conference in July, GOP candidate Donald Trump stated his intent to replace him on the first day in office if re-elected. Reports also suggest that Vice President Kamala Harris, the Democratic candidate, might consider alternatives for the role.

Both candidates have attracted substantial donations from prominent figures in the crypto sector. For instance, Chris Larsen has contributed over $10 million to Harris’s campaign, while Donald Trump has reportedly received over $7.5 million in donations from the crypto community.

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