The United States Securities and Exchange Commission (SEC) has again included cryptocurrencies in its list of examination priorities for the next year, even as its leadership and government control could change hands. 

In an Oct. 21 notice, the SEC’s Division of Examinations released its priorities for 2025, including crypto assets and their “associated products and services.”

According to the regulator, it planned to focus on the “offer, sale, recommendation, advice, trading, and other activities involving crypto assets,” explicitly naming spot Bitcoin ( BTC ) and Ether ( ETH ) exchange-traded products. 

“Given the volatility and activity involving the crypto asset markets, the Division will continue to monitor and, when appropriate, conduct examinations of registrants offering crypto asset-related services,” said the SEC, adding:

“The Division will assess registrant practices to address the technological risks associated with the use of blockchain and distributed ledger technology, including risks pertaining to the security of crypto assets.”

According to Keith Cassidy, the SEC’s Acting Director of the Division of Examinations, the list of priorities identified “key areas of potentially increased risks and related harm for investors,” suggesting that the commission would not alter its approach to digital assets in 2025.

Chair Gary Gensler said the division would help participants “understand the rules,” citing the need for investor protection and facilitating capital formation.

Related: Coinbase files FOIAs against US regulators probing banks’ crypto crackdown

The addition of spot crypto ETFs represented a change from the regulator’s 2024 examination priorities. The SEC first approved spot BTC exchange-traded products in January, followed by spot ETH products in May. 

Change in leadership?

Though Gensler’s term is scheduled to end in June 2026, many experts have suggested he could leave the SEC in January 2025 once a new presidential administration takes over.

At a July Bitcoin conference, Republican candidate Donald Trump pledged to fire the SEC chair “on day one” if reelected, and reports have suggested Democratic Vice President Kamala Harris was also looking at potential replacements.

Many have criticized the SEC’s approach to “regulation by enforcement” under Gensler as the commission filed several lawsuits against crypto firms, alleging unregistered securities offerings. Though a June opinion from the US Supreme Court overturning the longstanding Chevron doctrine could affect the SEC in court moving forward, the commission still has pending cases against Coinbase, Ripple, and others.

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