The United States Securities and Exchange Commission (SEC) had crypto entities operating in the country in its crosshairs in 2023, resulting in a flurry of litigation and investigations. Market participants and experts have criticized the agency’s high-handedness, with some going so far as to label its recent actions as a coordinated effort to stem the growth of digital assets. While the larger players have stayed firm and pursued legal action, some of the smaller entities are toeing the line.