Mentions of blockchain in filings with the U.S. Securities and Exchange Commission (SEC) hit a record high in February 2025, reflecting a major shift in the agency’s approach to the crypto industry.

According to data from the SEC’s EDGAR system, mentions of blockchain-related terms topped 5,000 in February, an all-time high. The trend began to accelerate in mid-2023, reflecting growing corporate interest in blockchain technology and the SEC’s regulatory policies under Acting Chairman Mark Uyeda.

Uyeda took office in January 2025, shortly after the change in the U.S. administration. He quickly reversed the “regulatory by sanction” strategy of his predecessor Gary Gensler, who was criticized as one of the most controversial SEC Chairs. During his tenure, Gensler initiated a series of lawsuits targeting major crypto companies, exposing the industry to many legal challenges.

In contrast, Uyeda has moved to halt or close several key investigations into crypto businesses such as Uniswap, OpenSea, Coinbase, Robinhood, Consensys (MetaMask), Yuga Labs, Kraken, and Gemini. Not stopping there, in late January, he also established a crypto task force with the goal of building a clearer legal framework for the industry. The person assigned to lead this force is Commissioner Hester Peirce, who has long been known in the crypto community as “Crypto Mom” for her pro-innovation stance and criticism of the SEC’s previous harsh crackdowns.

The SEC’s crypto task force is expected to hold its first roundtable this month to discuss the future of digital assets and where the regulator is headed. The move suggests that the SEC may be looking for a more collaborative approach with the industry rather than focusing solely on enforcement.

The increase in mentions of blockchain in SEC filings could be a sign that companies are becoming more confident in including crypto-related activities in their official reports. However, it could also reflect the fact that the SEC continues to closely monitor the crypto industry, albeit in a different way than in the past.