Crypto Regulatory Focus Shifts as AML Enforcement Overtakes Securities Violations

U.S. cryptocurrency regulation previously focused largely on whether tokens constituted securities and whether trading platforms were involved in unregistered offerings or sales. The risk focus has now shifted toward anti-money laundering controls, customer due diligence and transaction monitoring. The change means companies may still face criminal or administrative liability over fund flows and compliance gaps even if they avoid securities-related disputes.

A CertiK report found that U.S. anti-money laundering penalties in the cryptocurrency sector totaled as much as $900 million from January through June 2025, exceeding fines for securities violations. The U.S. Department of Justice and the Financial Crimes Enforcement Network (FinCEN) also imposed heavy penalties on exchanges including OKX and KuCoin, reflecting a shift in enforcement from determining how assets should be classified to ensuring compliance is implemented.