Why Crypto’s Absence Sends the Loudest Message

十一月 18, 2025

In October, the U.S. Securities and Exchange Commission (SEC) released its examination priorities for fiscal year 2026. For the first time in years, the document contained no dedicated section on cryptocurrencies or digital assets.

For an agency that once positioned crypto at the center of its enforcement narrative, this omission is striking. And while the SEC insists this list “is not exhaustive,” the silence on crypto may be the most important story of all.

This article unpacks the regulatory shift, the political backdrop shaping it, and what this means for the crypto ecosystem in the United States.

I. Introduction: Why What’s Missing Matters Most

The SEC’s 2026 priorities cover a wide range of risk areas—but crypto is nowhere to be found.

This absence appears closely aligned with the pro-crypto stance of the Trump administration, which has actively pushed deregulation and encouraged the growth of digital assets, tokenized finance and stablecoins.

The question is simple but crucial:

Does the SEC’s silence mean crypto regulation is easing—or merely evolving?

II. What Is in the 2026 Examination Priorities?

To understand the significance of crypto’s absence, it’s helpful to first examine what was emphasized.

1. The SEC’s “Core Focus Areas” for 2026

The 2026 report highlights:

Fiduciary Duty
Custody and Safekeeping Procedures
Customer Information Protection
Cybersecurity Controls
Emerging Technology Risk, with special emphasis on:
Artificial Intelligence (AI)
Automated investment advisors
Algorithmic decision systems

2. The Obvious Gap: Crypto Is Gone

Compare this to previous years:

Year Did SEC Highlight Crypto? 2026 ❌ Not mentioned at all 2025 ✔ Yes — explicitly highlighted 2024 ✔ Strongly emphasized 2023 ✔ Dedicated chapter on crypto, DeFi, NFT, custody The shift is unmistakable:

Crypto went from “high priority risk” → not even listed.

III. The Trump-Era Regulatory Backdrop: A Softer Environment for Crypto

1. Crypto Boomed Under Trump

Since Trump returned to office, the digital asset industry has entered a period of rapid expansion:

Regulatory rollbacks affecting fintech
Pro-innovation executive orders
Trump family’s involvement in:
A crypto exchange
A mining operation
A stablecoin
Their own token project

Crypto became both a political talking point and a market driver.

2. The SEC’s Tone Has Shifted

SEC Chair Paul Atkins emphasized a “non-punitive, transparent, and cooperative” approach:

No more using crypto as a

“gotcha exercise”
More industry engagement, fewer surprise enforcement actions
Resource allocation shifting toward AI, cybersecurity and customer protections

3. A Sharp Contrast with Gary Gensler

Under Gensler (2021–2024):

SEC declared most tokens “securities”
Filed major lawsuits against top exchanges
Intensively scrutinized custody and staking programs
Delayed or rejected ETF products

Under Trump-era leadership:

Enforcement downshifted
Crypto ETF approvals accelerated
Greater willingness to recognize digital assets as emerging financial instruments

The change is ideological as much as it is regulatory.

IV. A Look Back: When Crypto Was a “High-Priority Risk”

1. In 2025

Crypto assets were listed as one of the top examination risks, including:

Bitcoin spot ETFs
Ethereum ETFs
Crypto custodians
Market manipulation risks
High-volatility investor threats

2. In 2023

A large section was dedicated to:

DeFi protocol oversight
NFT markets
Token issuance
Trading platforms
Stablecoins
Cyber risks in custody systems

3. The 2026 Shift Is Deeply Meaningful

Going from three consecutive years of heavy focus → complete omission signals:

A shift in political mandate
A reassessment of systemic risk
A possible redistribution of regulatory responsibilities

V. Did the SEC Really “Drop” Crypto? Not Exactly.

1. The Disclaimer: “This Is Not an Exhaustive List”

The SEC makes it clear:

The priorities document does not represent the full scope of its oversight activities.

This means:

Crypto could still be examined
Enforcement could still occur
Ongoing investigations won’t stop

The omission is likely strategic, not absolute.

2. Indirect Areas That Still Affect Crypto

Even without naming crypto, three categories apply:

Custody Risk
Exchanges, wallets, tokenized assets
Retail Investor Protection
Fraud, misrepresentation, disclosure
Emerging Tech Risk
Crypto, AI, algorithmic trading, automation

3. AI Has Replaced Crypto as the New Regulatory Priority

Why?

AI is now seen as a systemic risk
Deepfakes, fraud, automated advice
Market manipulation via machine learning
High-risk automated trading models

AI is the new frontier—and crypto has been demoted in urgency.

VI. Industry Interpretations: Relief or Regulatory Vacuum?

View 1: Short-Term Bullish for Crypto

Lower regulatory friction
Easier ETF approvals
Faster tokenization of assets
Friendlier environment for Web3 startups
Reduced litigation threats for exchanges

View 2: Long-Term Risks Increase

Bad actors may exploit the “quiet period”
More fraud or unregistered token schemes
Later, a new wave of harsh regulation may arrive
Consumer harm could provoke political backlash

View 3: This Is Political—And Politics Change Fast

Trump’s term ends in 2028
Another administration may reverse the approach
SEC agendas often swing dramatically between parties

Crypto’s regulatory fate remains highly dependent on electoral cycles.

VII. Expert Opinions: What Leaders Are Saying

Paul Atkins (SEC Chair)

Wants “fair, transparent” regulation
Rejects the Gensler-era confrontational style
Supports innovation-friendly policies

Jeff Park (Galaxy Digital)

Believes CFTC should regulate crypto
Argues SEC’s role is shifting toward traditional securities
Says “crypto fits better under commodities oversight”

This aligns with Trump-era industry preferences.

VIII. What This Means for the Market

1. Companies

Web3 startups may find fundraising easier
Tokenization projects could grow faster
Compliance pressure softens
ETF ecosystem may accelerate

2. Investors

Short-term:

More bullish sentiment
Greater on-chain activity
Less fear of enforcement

Long-term:

Higher risk of scams
Potential volatility if regulation flips in 2028

3. The U.S. Crypto Ecosystem

America may become more welcoming again
Developers and capital returning from offshore jurisdictions
Renewed focus on building tokenized financial infrastructure

IX. Conclusion: The Silence Is the Signal

Crypto’s omission from the SEC’s 2026 priorities is not an oversight—it’s a message.

It doesn’t mean:

Crypto is unregulated
Crypto is irrelevant
Crypto is abandoned

It means:

Crypto is no longer a top threat
Regulation is shifting, not disappearing
Political leadership is reshaping enforcement

Under Trump, the U.S. may enter a new era of crypto-friendly policy, with greater latitude for innovation, tokenization and digital finance.

The question now is whether this represents a sustainable evolution—or a temporary political detour.

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