While the petition was pending at the SEC, the SEC "expanded its enforcement agenda" to companies in the crypto space, including digital-asset exchanges like Coinbase. Id. at *4. That included filing an ongoing enforcement action against Coinbase for operating as an unregistered broker, exchange and clearing agency in June 2023. Id. (citing the complaint at 96 – 100, SEC v. Coinbase, Inc., No. 23-cv-4738 (S.D.N.Y. June 6, 2023), ECF No. 1). As Judge Bibas noted in his concurrence, the SEC's regulatory crackdown came in the aftermath of the mid-2022 "crypto crash" and the collapse of the FTX exchange. Id. at *26.