Since the start of this year, the SEC has dropped 12 cases against crypto companies, signaling a shift under Trump’s administration, which began easing crypto regulations. These cases include Coinbase, Consensys, Crypto.com, CyberKongz, Gemini, Helium (Nova Labs), Immutable, Kraken, OpenSea, Robinhood Crypto, Uniswap Labs, and Yuga Labs.
In early March, for instance, the SEC dismissed its lawsuit against Coinbase over claims the exchange operated as an unregistered securities platform. The agency also dropped its proceedings against Kraken without imposing penalties or requiring changes to its business operations. Both dismissals were “with prejudice”, meaning there is no possibility of future refiling.
Investigations into Yuga Labs and OpenSea NFT platforms were closed with the SEC indicating that NFTs are not considered securities under its current interpretation. This could be considered a big win for the crypto industry.
For other mentioned companies, it’s an almost identical situation, with lawsuits either being dismissed or paused.
However, there are still two ongoing crypto cases against Binance and Tron. The one against Binance involves allegations of operating as an unregistered exchange and other securities violations. Currently, both parties have jointly requested a 60-day pause in their ongoing lawsuit to facilitate settlement discussions.
It’s a similar situation for Tron. The SEC’s case against the Tron Foundation, alleging market manipulation and securities violations, is also paused for 60 days pending settlement talks.
How Does This Signal a Shift in SEC Crypto Enforcement?
With the new Trump-favored SEC administration, a notable change happened in the approach toward crypto regulations.
For instance, during the previous SEC management, just last year, the agency imposed nearly $4.7 billion in fines against crypto companies – a roughly 3% increase from 2023. Though to be fair, this was largely due to a massive billion-dollar settlement with Terraform Labs and its former CEO, Do Kwon.
According to the Social Capital Market report, in the period between 2013 and 2024, the SEC has issued over $7.42 billion in fines related to cryptocurrencies, with 63% of this amount taking place in 2024 alone.
As such, the agency’s evolving stance on cryptocurrency regulation in 2025 marks a significant departure from previous enforcement-heavy approaches. We’ll see how far crypto regulation will come in the following years.
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