The SEC officially characterized the Biden administration’s crypto strategy as an effort to prevent digital assets from gaining a foothold in the United States. Under Biden, the regulator launched dozens of enforcement actions against major industry players including Coinbase, Binance, and Kraken, directly threatening their US operations. The Trump-era SEC has since dismissed several of these high-profile cases and rescinded SAB 121, which had made crypto custody too capital-intensive for traditional banks. The agency also established a Crypto Task Force and launched « Project Crypto » to build a clearer regulatory framework adapted to on-chain activities. However, these reforms remain vulnerable as they rely on administrative actions rather than legislation, raising questions about their durability in the event of a political shift.
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