Following the collapse of FTX last month, the Securities and Exchange Commission is under increased pressure to strengthen enforcement of key crypto industry hubs. The failure of FTX focused attention on crypto exchanges, which serve as primary hubs for individual investors and provide services such as digital-coin sales, lending, and asset storage. Despite spending over six years investigating various aspects of the industry, the SEC has yet to sue a major cryptocurrency exchange. The SEC is conducting investigations into exchanges such as Coinbase Global Inc. COIN -2.71% decrease; red down pointing triangle and Binance and FTX’s U.S. businesses, according to people familiar with the matter and regulatory filings, and it has fined or sued dozens of token developers over the past six months.