The momentum has shifted within the yearslong battle between prime crypto corporations and protocols and the U.S. Securities and Trade Fee underneath the brand new Trump administration.
The regulator, which now has a crypto-friendly chairman in Paul Atkins and a crypto job power led by longtime trade advocate Hester Peirce, is transferring away from what Pierce and others have referred to as “regulation by enforcement” to much less hostile engagements with crypto.
To this point, these phrases have rung true with the SEC not too long ago backing away from fights with a number of prime crypto corporations. Listed below are the SEC's greatest pivots, reversals, and exits to date underneath Trump.
Ripple
The SEC and Ripple Labs formally dropped their respective appeals in August, bringing to an finish the four-year lawsuit and landmark crypto case.
The decision breaks the longest-standing battle between the regulator and a crypto agency, stemming again to 2021 allegations in regards to the unregistered sale of securities with XRP. In 2023, a partial ruling fell largely in favor of Ripple, however the SEC later appealed.
In early 2025, Ripple and the SEC agreed to collectively file requests to droop their authorized appeals, opting as a substitute to “pursue a negotiated decision” pending official Fee approval. However that negotiated decision was slammed by SEC Commissioner Caroline Crenshaw and later denied by a U.S. district choose.
After a second denial by the courts, Ripple mentioned it could drop its cross-appeal in June, finally finalizing the transfer in August alongside the SEC, ending the case.
When Ripple CEO Brad Garlinghouse first introduced that the case towards Ripple can be ending pending Fee approval, he referred to as it “a victory and [a] lengthy overdue give up from the SEC.”
Binance
The SEC submitted a submitting on Might 29 to dismiss its ongoing case towards Binance, which alleged that the crypto trade, founder and former CEO Changpeng "CZ" Zhao, and Binance.US supplied the unregistered sale of securities and extra.
The events sought a joint keep, or a 60-day pause, in February to hunt a decision to the case, largely because of the SEC’s newly established crypto job power, which each events anticipated may “impression and facilitate the decision of the case.”
The trade has handled alleged securities, cash laundering, and sanctions compliance points since not less than 2023, which led to 2 separate settlements for $4.3 billion and $2.7 billion, respectively. Zhao was later pardoned by President Trump in October.
Crypto rulemaking case
On February 17, the SEC voluntarily dropped an enchantment in a case revolving across the regulator's earlier makes an attempt to increase securities legal guidelines to decentralized finance (DeFi) purposes and customers.
The enchantment was made after a federal choose in Texas referred to as the regulator's expanded definitions illegal, citing that it was conflating DeFi merchants with monetary brokers.
The dropped enchantment ensures that DeFi protocols don’t must register with the SEC as securities exchanges, main the Blockchain Affiliation CEO Kristin Smith to name it a “full and whole victory.”
Coinbase
Main American crypto trade Coinbase had its lawsuit formally dismissed by the SEC in February.
The go well with, which was filed in 2023, alleged that the platform knowingly operated as an unregistered securities trade, particularly calling out tokens like Solana and Polygon within the course of.
In its assertion on the transfer, the Fee mentioned that the choice “rests on its judgement that the dismissal will facilitate the Fee’s ongoing efforts to reform and renew its regulatory strategy to the crypto trade.”
Previous to official approval, Coinbase Chief Authorized Officer Paul Grewal mentioned of the dismissal “there will probably be no settlement or compromise—a unsuitable will merely be made proper."
OpenSea
The SEC has ended its investigation into NFT market OpenSea, the agency mentioned in February, dropping prices that alleged it operated as an unlicensed securities brokerage. The platform indicated it obtained a Wells discover from the regulator in August 2024, signaling the SEC would take motion towards it.
“It is a win for everybody who’s creating and constructing in our house,” mentioned OpenSea CEO Devin Finzer. “Attempting to categorise NFTs as securities would have been a step backward—one which misinterprets the regulation and slows innovation.”
Robinhood Crypto
An SEC investigation into Robinhood—one which the platform claims ought to by no means have been opened—ended with no motion taken by the regulator.
“As we defined to the SEC, any case towards Robinhood Crypto would have failed,” mentioned Robinhood's Chief Authorized, Compliance and Company Affairs Officer Dan Gallagher. “We admire the formal closing of this investigation, and we’re joyful to see a return to the rule of regulation and dedication to equity on the SEC."
The agency was notified of a possible enforcement motion in Might 2024 when it obtained a Wells discover from the Gary Gensler-led SEC.
Uniswap Labs
Uniswap Labs, the creator of Ethereum decentralized trade Uniswap, mentioned in February that the SEC has ended its investigation into the group with out submitting any prices.
Like different main crypto organizations, Uniswap Labs obtained a Wells discover in April 2024 which alleged it operated as an unregistered securities dealer, trade, and clearing company, and that had enabled the sale of an unregistered safety.
With the investigation mentioned to be over, the entire aforementioned claims have now been dropped, mentioned its CEO Hayden Adams.
“They went after us regardless of having no clear authorized foundation, as a part of a method of arbitrary enforcement to attempt to power DeFi right into a regulatory framework that doesn’t match—all whereas refusing to supply clear guidelines or a path to compliance,” he posted on X. “It is a big win, not only for Uniswap Labs however for DeFi as an entire.”
Gemini Belief
A two-year investigation into Gemini Belief in regards to the unregistered sale of securities ended final week with out an enforcement motion from the Fee.
Gemini co-founder Cameron Winklevoss famous the milestone, however mentioned that it “does little to make up for the harm this company has performed to us, our trade, and America.”
Winklevoss estimated that the regulator value his agency “tens of hundreds of thousands in authorized charges and a whole lot of hundreds of thousands in misplaced productiveness, creativity, and innovation."
On April 1, the SEC and Gemini additionally mutually agreed to a 60-day keep over the $900 million lawsuit associated to the agency’s lending program
Justin Solar/Tron
Like Binance, Justin Solar and Tron filed a joint movement alongside the SEC to briefly keep the regulator's case within the hopes of discovering a decision.
The case stems again to 2023 when the SEC alleged that Solar made greater than 600,000 wash trades to create deceptive Tron (TRX) volumes that led to round $32 million in income. The joint submitting signifies a decision can be helpful on account of “conserving judicial assets.”
Consensys
MetaMask and Linea guardian firm, Consensys, had its case formally dismissed on March 27, which centered on staking options inside MetaMask.
“We had been dedicated to combating this go well with till the bitter finish however welcome this final result,” mentioned Consensys founder and CEO Joseph Lubin on X when it was anticipated the Fee would drop the case. “Now we are able to get 100% again to constructing. 2025 goes to be one of the best yr but for Ethereum and Consensys.”
(Disclosure: Consensys is one in all 22 buyers in an editorially impartial Decrypt.)
Kraken
The Fee agreed to drop its newest lawsuit into the American centralized trade Kraken, the agency mentioned on March 3, pending commissioner approval. That approval got here on March 27, formally dropping the case.
The SEC initially alleged that the agency violated securities legal guidelines with its staking-as-a-service system. That go well with was settled in February 2023, with Kraken agreeing to pay a $30 million effective.
However the regulator sued the platform once more in November 2023, alleging it was working as an unregistered securities trade, vendor, and dealer. That lawsuit is the one which it “agreed in precept” to drop.
In conclusion, the trade indicated there’s “no admission of wrongdoing, no penalties paid, and no modifications to our enterprise.”
Yuga Labs
Bored Ape Yacht Membership creator Yuga Labs introduced on March 3 that the SEC closed its investigation into the corporate.
The investigation had been ongoing since 2022, with the regulator scrutinizing the corporate’s NFT choices, in addition to the ApeCoin token launch. The Ethereum token’s creation was formally created to the “ApeCoin DAO.”
“It is a big win for NFTs and all creators pushing our ecosystem ahead,” the corporate posted on X. “NFTs usually are not securities.”
Horizen Labs
A consultant for Horizen Labs confirmed to Decrypt on March 4 that an investigation into the corporate—resulting from its affiliation with the ApeCoin launch—was ended by the SEC with a suggestion of no enforcement motion.
“I can say personally how a lot of a weight off our shoulders that is for many who simply wish to construct and at all times attempt to do the correct factor,” CEO Rob Viglione mentioned. “Horizen Labs may have gone offshore, like many did, however we selected to remain within the U.S. regardless of the struggle on crypto.”
Cumberland DRW
Market maker Cumberland’s case was formally dropped alongside a pair of different crypto instances on March 27. The Fee introduced a go well with towards the agency in October 2024, alleging it acted as an unregistered vendor of securities.
“As a agency deeply dedicated to the ideas of integrity and transparency, we sit up for persevering with our dialogue with the SEC to assist form a future the place technological developments and regulatory readability go hand-in-hand,” it posted on X when it first introduced the joint submitting to drop the case.
Crypto.com
Crypto.com sued the SEC in October 2024 after it obtained a Wells discover from the regulator over potential securities violations.
However now the Fee has ended its investigation into the platform and can file no enforcement motion.
The SEC’s investigation into https://t.co/pFc4Pz9nFR has been closed with no motion being taken towards https://t.co/pFc4Pz9nFR.
— Kris | Crypto.com (@kris) March 27, 2025
“We’re happy that the present SEC management has made the choice to shut its investigation into Crypto.com with no enforcement motion or settlement,” mentioned Nick Lundgren, Chief Authorized Officer of Crypto.com in a press release. “Compliance and integrity are core to Crypto.com’s enterprise and we’re excited to work with soon-to-be-confirmed Chair Atkins and the remainder of the Fee on our long-awaited want for laws and rulemaking.”
Immutable
After receiving a Wells discover in October 2024, the Ethereum-based gaming firm introduced on March 25 that the SEC had concluded its investigation into the agency.
The investigation centered on potential securities violations surrounding the sale of IMX tokens in 2021 during which Immutable raised not less than $12.5 million.
“That inquiry is now formally closed, with zero findings of wrongdoing, and the SEC is taking no motion,” Immutable posted on X. “It is a big win – not only for Web3 gaming, however everybody who believes in digital possession rights.”
Hawk Tuah Lady
Haliey Welch, higher generally known as the "Hawk Tuah" lady, informed TMZ that the SEC’s investigation into her meme coin debacle is now over.
“For the previous few months, I've been cooperating with all of the authorities and attorneys, and at last, that work is full,” Welch informed the outlet.
In December the web superstar launched a Solana meme coin—HAWK—which went horribly unsuitable, resulting in allegations of a rug pull because the token's value collapsed in a short time after launch. The workforce behind the token denied any wrongdoing.
Helium
The SEC dismissed its lawsuit towards Nova Labs, the workforce behind Helium, a Solana-based decentralized wi-fi connectivity community.
“We will now definitively say that every one suitable Helium Hotspots and the distribution of HNT, IOT, and MOBILE tokens by the Helium Community usually are not securities,” Helium wrote.
The lawsuit towards the agency was amongst Gary Gensler’s closing acts in energy whereas main the Fee, dropping on January 20, 2025 proper earlier than the administration shift to President Donald Trump. Nova Labs agreed to pay a $200,000 effective to settle a part of the go well with associated to claims that Helium misled buyers with claims over corporations it mentioned was utilizing the community.
PayPal
PayPal confronted virtually two years of scrutiny over its PYUSD stablecoin, however the SEC took no motion towards the funds large.
The regulator first despatched the corporate a subpoena in November 2023 looking for paperwork associated to PYUSD, although particular particulars weren’t made public.
However in February, the SEC determined it could finish the investigation, in accordance with an April submitting from PayPal.
CyberKongz
The SEC dropped an investigation into Ethereum NFT venture CyberKongz after almost two years of communication with the venture, the creators mentioned.
The venture mentioned it obtained a Wells discover from the regulator in December, a sign that it could have enforcement taken towards it. Nevertheless, the investigation, which centered on the venture’s BANANA token and its gaming contract migration in 2021, ended with no motion.
“After years of litigation, unjust allegations, crippling authorized charges, and the largest hurdle we may probably encounter—we’re free,” the venture posted on X.
Aave
The SEC concluded its four-year investigation into decentralized crypto lending protocol Aave with no intention to advocate enforcement, the agency introduced in December.
Particulars on the investigation weren’t supplied, however the agency was one in all a number of DeFi protocols that drew scrutiny from the Fee through the years, solely to see investigations finish as a extra crypto-friendly regulatory physique took form underneath President Trump.
After 4 years, we’re lastly able to share that the SEC has concluded its investigation into the Aave Protocol.
This course of demanded important effort and assets from our workforce, and from me personally because the founder, to guard Aave, its ecosystem, and DeFi extra… pic.twitter.com/aZeLrZz5ZQ
— Stani.eth (@StaniKulechov) December 16, 2025
“This course of demanded important effort and assets from our workforce, and from me personally because the founder, to guard Aave, its ecosystem, and DeFi extra broadly,” Stani Kulechov, CEO and founding father of Aave,” mentioned on X
“DeFi has confronted unfair regulatory strain lately. We’re glad to place this behind us as we enter a brand new period the place builders can really construct the way forward for finance. DeFi will win,” he continued.
Ondo Finance
Tokenization agency Ondo Finance obtained discover that the SEC had ended a confidential, multi-year investigation into the agency in December.
The investigation scrutinized whether or not or not the agency’s tokenization of real-world belongings complied with federal securities legal guidelines, and whether or not the ONDO token was a safety.
“Being early, and being profitable, got here with scrutiny,” the agency wrote in a press release.
“Ondo’s development and management within the rising tokenization class made us a spotlight, however not a justified goal. With the probe concluded, we transfer ahead as we at all times have, with robust commitments to innovation, compliance, safety, and investor safety.”
Editor's notice: This story was initially revealed on March 2, 2025 and final up to date with new particulars on December 21.
