At the end of each fiscal year, the U.S. Securities and Exchange Commission (SEC) issues its annual enforcement report. Within the report the SEC publishes its enforcement statistics for the year, categorizing each individual enforcement action the agency brings. The past several years, under Chair Gary Gensler’s leadership, saw a significant dedication of resources to investigating and charging participants in the cryptocurrency or digital assets space and the cybersecurity space. Within the annual enforcement report, there are no specific “crypto” or “cyber” categories, but these actions have taken up an outsized representation in the securities offering, broker-dealer, securities exchange, and public issuer reporting statistics. When the SEC issues the next annual enforcement report for fiscal year 2025, we expect a very different set of statistics. Securities offering actions (often corresponding to investment frauds such as Ponzi and pyramid schemes) and investment adviser actions (often corresponding to harms to retail advisory clients) will almost certainly be up, and the “crypto” and “cyber” cases — no matter what category they fit into — will almost certainly be down. Public statements by the new SEC administration under Acting Chair Mark Uyeda have said as much, but even more telling than public statements are the allocation of limited enforcement resources.