Regulation by enforcement, a fast and economical substitute for thorough rulemaking, is widely regarded as some of the U.S. executive agencies’ preeminent approach to crypto regulation. This could be summarized as: allowing crypto companies to explore what’s permissible and punishing those who violate the rules. Others will take heed and learn from the explorer’s negative experience.

Although the United States Securities and Exchange Commission is often accused of over-reliance upon regulation and enforcement, there are other federal agencies that do this as well. This week, the U.S. Office of the Comptroller of the Currency or OCC was accused of over-relying on regulation by enforcement. Procedures to cease and desist were announced against Anchorage Digital, the nation’s first crypto custody firm to be awarded a national bank charter.

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