An SEC investigation into the Aave protocol opened around 2021 concluded in December 2025 without any enforcement recommendation

How governments worldwide set rules for digital assets through legislation, agency rulemaking, licensing regimes and court fights.

Lawsuits, settlements and criminal cases brought by regulators and prosecutors against crypto firms and individuals.

How rules written for financial intermediaries apply to protocols that claim to have none, from KYC and AML obligations to front-end and developer liability.