The U.S. Securities and Exchange Commission (SEC) has released its 2026 examination priorities, shifting regulatory attention toward fiduciary duty, standards of conduct, and data privacy, while notably removing cryptocurrency as a standalone focus area. The Division of Examinations announced these priorities on November 17, 2025, in an official statement published on SEC.gov.
“Examinations are an important component to accomplishing the agency’s mission, but they should not be a ‘gotcha’ exercise,” said SEC Chairman Paul S. Atkins. “Today’s release of examination priorities should enable firms to prepare to have a constructive dialogue with SEC examiners and provide transparency into the priorities of the agency’s most public-facing division.”
The Division of Examinations is responsible for reviewing compliance by investment advisers, broker-dealers, investment companies, clearing agencies, and self-regulatory organizations. In the 2026 cycle, the Division will continue focusing on fiduciary duties and investor protection while incorporating new areas such as the 2024 amendments to Regulation S-P, which strengthen customer data and privacy protections.
According to the announcement, the publication promotes transparency and aligns with the Division’s four pillars: improving compliance, preventing fraud, monitoring risk, and informing policy. Acting Director Keith Cassidy noted:
“In this increasingly complex and changing financial and regulatory environment, we strive to improve compliance in a way that is both transparent and practical.”
Crypto no longer a standalone risk area
For the first time since 2023, the SEC has opted not to list crypto assets or blockchain-related services as a distinct examination priority. In earlier years, such as 2024 and 2025, the agency devoted separate sections of its exam agenda to “Crypto Assets and Emerging Financial Technology.” The 2026 version contains no direct mention of “crypto,” “blockchain,” or “digital assets” across any section, including areas like fintech and anti-money laundering (AML).
A Reuters report confirmed that the SEC “dropped its emphasis on the oversight of companies offering crypto asset-related services” in the current fiscal year. Instead, examiners will now focus on information security, operational resilience, AI-driven advice tools, and compliance with data privacy rules.
This omission signals a policy change under Chair Paul Atkins, who took office in April 2025 and is known for his market-friendly approach to regulation and capital formation. Under former Chair Gary Gensler, the SEC pursued an enforcement-heavy stance, with over 100 crypto-related cases filed against firms like Binance, Coinbase, and Ripple Labs. Since Atkins took over, several high-profile cases have been resolved or dismissed, including the Ripple case ($125 million penalty) and the closure of investigations into Robinhood’s crypto unit and Coinbase.
Shifting regulatory tone under the new administration
The SEC’s crypto policy realignment follows White House directives issued earlier in 2025 encouraging the “responsible growth and use of digital assets” and establishing a President’s Working Group on Digital Asset Markets. The same period also saw the creation of a Strategic Bitcoin Reserve and U.S. digital asset stockpile, positioning crypto as a strategic economic asset rather than a speculative threat.
Investment bank TD Cowen characterized this 12-month window as critical for advancing Atkins’ “Project Crypto” initiative, a broad effort to modernize U.S. securities rules for blockchain-based assets. The project aims to clarify token classifications, create safe harbors for token issuance, and provide tailored disclosure frameworks for digital assets.
However, the 2026 examination priorities document reflects a pivot toward technology-neutral oversight. Instead of targeting specific asset types, the SEC intends to assess custody, data privacy, marketing, and AML risks across all asset classes. Analysts view this as a pragmatic move that integrates crypto within broader risk frameworks.
Enforcement slowdown and market context
Data from Cornerstone Research show that crypto-related enforcement actions fell by 30% between 2023 and 2024, from 46 to 33 cases. At the same time, the SEC delivered total financial remedies of $8.2 billion for fiscal 2024, influenced heavily by the Terraform Labs settlement.
Meanwhile, global crypto markets have grown substantially. The total crypto market capitalization surpassed $4 trillion in July 2025, and U.S. spot bitcoin ETFs recorded $35.7 billion in net inflows in 2024, with continued investment momentum in 2025. Despite a recent downturn with bitcoin dipping below $90,000 and ethereum trading under $3,000, institutional participation remains high.
The European Union’s Markets in Crypto-Assets (MiCA) framework is now fully in effect, and parallel frameworks in the U.K., Hong Kong, and Singapore are reinforcing a global trend toward sector-specific crypto regulation. Against that backdrop, the U.S. approach now appears more risk-based and less reactive.
A quieter but consequential shift
The 2026 policy signals the SEC’s move away from treating crypto as an exceptional risk area. Instead, it will integrate digital assets into broader compliance categories, custody, cybersecurity, marketing, and operational resilience.
After years of enforcement prominence, the Division’s silence on crypto may, as one analyst noted, “speak louder than its past crusades.” Whether this represents overdue normalization or a temporary pause, the center of gravity in U.S. oversight is moving, suggesting that in 2026, crypto will no longer be the SEC’s special project.
Oleksii Shumak
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