Since the 2022 fiscal year, the agency has initiated 95 cases and imposed fines totaling $2.3 billion for accounting rule violations. Seven cases related to the registration of crypto firms and six cases concerning the definition of "dealer" did not reveal direct harm to investors. Moreover, the outcomes did not benefit or improve investor protection. The SEC noted that this was due to irrational resource allocation and the previous administration's misinterpretation of federal securities laws. The agency emphasized that they have redirected their resources towards combating fraud and market manipulation. In their view, this will genuinely protect investors and reduce the number of fines. According to Cornerstone Research, the number of actions against crypto firms in 2025 was 30% lower than in 2024.