More than 100 enforcement actions were filed against crypto companies during Joe Biden’s term. Industry observers expect a different approach under President-elect Donald Trump, a one-time crypto critic turned booster. Trump has nominated crypto-friendly appointees for many key agency posts, vowed to change laws to make them more crypto friendly, and is expected to make crypto a national priority.

“If regulators are settling more crypto-related enforcement actions, it may very well be due to the incoming administration and the changes that the agencies are going to experience,” said Jonathan Groth, partner at DGIM Law. “Under the new administration, support may wane for dedicating large expenditures of time and resources to major enforcement actions focused on crypto.”