Across the United States, crypto enforcement is in flux: at the federal level the SEC has pivoted in 2025 from aggressive enforcement toward rulemaking, while still signaling it will pursue fraud involving digital assets. The DOJ, likewise, recalibrated this spring by disbanding its crypto enforcement team and refocusing resources on crypto-facilitated crime (such as terrorism, narcotics and hacking). Meanwhile, states are increasing enforcement efforts, led by the New York Office of the Attorney General. Other states are stepping up, as well, with California’s DFPI bringing its first enforcement under the new Digital Financial Assets Law in June 2025, and state securities regulators continuing to conduct investigations and bring enforcement actions against crypto entities—underscoring that state consumer-protection and securities enforcement will continue even as federal priorities shift.
Join our attorneys for a discussion on:
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The emerging federal crypto regulatory framework as context for the modified federal enforcement posture (5 minutes)
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The SEC’s and DOJ’s evolving enforcement priorities in relation to crypto (10 minutes)
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Provisions of the securities laws that have afforded the SEC a broad basis to pursue crypto misconduct (10 minutes)
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The key federal crypto enforcement actions to date (10 minutes)
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Crypto enforcement actions by state attorneys general and financial services regulators (10 minutes)
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Risk mitigation measures in light of projected uptick in enforcement by states (15 minutes)