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Following
ZEC SEC plans to reverse Biden era cryptocurrency enforcement strategy
The U.S. Securities and Exchange Commission (SEC) is planning a new path away from the Biden era cryptocurrency enforcement model, making it clear that it will use dedicated working groups and formal rulemaking, rather than litigation, to define future regulation of digital assets. This shift in enforcement strategy is the clearest signal yet that the agency's old operating manuals are being subverted from within.
How the SEC promotes a shift in enforcement
On July 31, 2025, SEC Chairman Paul Atkins elaborated on the shift in a speech and placed it in the context of what the agency calls the "digital financial revolution." The core message is to push the agency from a law-enforcement-first attitude to a model based on written rules and clear guidance.
The actual operating mechanism is in place. The SEC's "Cryptocurrency Working Group" is the tool to transform this shift from slogan to policy carrier.
Which parts of the Biden era operating manual are being challenged
The goal is no stranger to cryptocurrency companies: The SEC has previously regulated mainly by filing lawsuits, rather than setting up rules that companies can follow in advance. This is the position the SEC is currently drawing a distance from. The working group's framework points to a broad policy reset rather than a single enforcement retreat.
Formal rule-making is also part of this framework. The SEC's proposed rules on cryptocurrency assets, due to be issued in 2026, are being advanced in parallel with the working group, demonstrating the agency's desire to formalize lasting rules.
This parallel advancement is not limited to the SEC. Commodity Futures Trading Commission (CFTC) Chairman Michael Selig sent a similar signal, saying that rules on the structure of cryptocurrency markets could be established through rules or laws, highlighting that regulators are seeking regulatory channels.
Why the SEC's next move is more important than surface information
The most direct benefits of the SEC's softening of its stance are the companies that have been under its regulatory sights for years: exchanges, token issuers, and asset managers who have filed applications for cryptocurrency products. These applications are still being submitted. Gray Company filed a Zcash exchange-traded fund application with the SEC, the kind of product application that depends entirely on how the institution treats digital assets today.
The available evidence does not confirm any significant market reaction to the SEC's turn, and the statement was not accompanied by reliable price data.
The real test lies in execution. Speech can affect emotions, but only the output of the working group and the final rules can change the battlefield landscape of cryptocurrency companies. Can the SEC translate its new tone into truly binding rules?
