During the tenure of U.S. Securities and Exchange Commission (SEC) Chairman Gurbir Grewal, the SEC initiated more than 100 crypto-related actions in 2023, collecting nearly $5 billion in fines. This marks a period of intense regulatory scrutiny on cryptocurrencies.

These developments indicate that uncertainty is increasing in the crypto market and investors should be more cautious. Increasing regulatory pressure may cause market participants to reevaluate their activities and strategies. The future of cryptocurrencies will continue to be shaped by such regulatory actions.