According to CoinMeta, the number of enforcement actions taken by the U.S. Securities and Exchange Commission (SEC) during President Trump's tenure dropped to its lowest level in 35 years. In fiscal year 2026, there were nearly 24% fewer enforcement cases, with only 348 cases compared to 456 in fiscal year 2025. Despite the reduction in enforcement activities, the SEC returned approximately $731 million to over 250,000 affected investors in fiscal year 2026. SEC Chair Paul Atkins argued that the number of cases and financial fines should not be the main criteria for measuring the effectiveness of enforcement. Democratic legislators criticized the SEC's enforcement efforts, and Senator Elizabeth Warren questioned whether the agency was effectively protecting investors. The SEC's revised approach to cryptocurrency regulation has also drawn attention, with several enforcement cases against major exchanges and digital asset companies being dismissed or resolved since 2025.