Crypto D&O risk is shifting from regulators to shareholders, according to new research.
It comes as the United States Securities and Exchange Commission scales back crypto enforcement and lawmakers push ahead with new digital asset rules.
In a new report, Simona Mola, Director at NERA Economic Consulting, said legal exposure for crypto companies is evolving rather than disappearing.
“Although private litigation has not replaced the SEC’s enforcement program in terms of volume, it remains an important source of litigation risk across the broader crypto ecosystem,” she said.
The NERA Economic Consulting director analysed 181 federal crypto-related securities fraud cases filed between January 2021 and May 2026, including 89 SEC enforcement actions and 92 private lawsuits.
Her findings suggest that while overall crypto litigation has declined alongside a sharp drop in SEC activity, legal risks for directors and officers are becoming more concentrated around shareholder claims, governance issues and disclosure practices.
According to the report, the SEC filed 75 crypto-related enforcement actions during Gary Gensler’s tenure between April 2021 and January 2025. Under current chairman Paul Atkins, the regulator filed just 11 such actions between April 2025 and May 2026.
Overall federal crypto litigation fell from 40 cases in 2024 to 31 in 2025, reflecting the decline in enforcement activity. However, private plaintiffs have not disappeared from the market.
Instead, they have increasingly targeted a broader range of businesses than regulators. While SEC cases have largely focused on token offerings, stablecoins, staking programmes and crypto investment schemes, private litigants have pursued claims against exchanges, trading platforms, mining companies, NFT projects, banks, auditors and other service providers.
The findings could carry significant implications for D&O insurers and risk managers operating in the digital asset sector.
Mola’s research suggests that reduced regulatory scrutiny does not necessarily translate into lower litigation exposure. Instead, directors and officers may face greater risks from investor claims relating to disclosures, governance failures and oversight of business operations.
The report arrives as policymakers seek to establish clearer rules for digital assets. The Digital Asset Market CLARITY Act, which passed the House with bipartisan support, would define the respective oversight roles of the SEC and Commodity Futures Trading Commission.
It also follows the passage of the GENIUS Act, which was signed into law in July 2025 and created the first federal framework governing payment stablecoins in the US.
For insurers and crypto executives alike, the report suggests the industry’s legal risk profile is changing shape rather than diminishing.
