The U.S. Securities and Exchange Commission (SEC) has been active in enforcing regulatory actions against various entities within the cryptocurrency sector. Notably, ShapeShift, a crypto exchange founded by Erik Voorhees, agreed to pay a $275,000 fine for alleged securities dealer violations and operating as an unregistered broker-dealer from 2014 to 2021. This settlement comes amid broader SEC scrutiny, including actions against Binance US and Coinbase. Binance US has faced significant operational and financial challenges, including a $1 billion loss, a two-thirds reduction in its workforce, and a 75% revenue loss, attributed to an SEC lawsuit. Additionally, Coinbase has filed a counter notice in response to a default judgment by the SEC, asserting that it should not hold weight. The SEC's approach, particularly in the ShapeShift case, has sparked debate and criticism. Commissioners Hester Peirce and Mark Uyeda issued a dissent, highlighting the agency's failure to specify which crypto assets were considered securities and questioning the effectiveness of such enforcement actions in protecting investors.