The momentum has shifted in the yearslong battle between top crypto companies and protocols and the U.S. Securities and Exchange Commission under the new Trump administration.
The regulator, which now has a crypto-friendly chairman in Paul Atkins and a crypto task force led by longtime industry advocate Hester Peirce, is moving away from what Pierce and others have called “regulation by enforcement” to less hostile engagements with crypto.
Thus far, those words have rung true with the SEC recently backing away from fights with multiple top crypto companies. Here are the SEC’s biggest pivots, reversals, and exits so far under Trump.
Ripple
The SEC and Ripple Labs officially dropped their respective appeals in August, bringing to an end the four-year lawsuit and landmark crypto case.
The resolution breaks the longest-standing battle between the regulator and a crypto firm, stemming back to 2021 allegations about the unregistered sale of securities with XRP. In 2023, a partial ruling fell mostly in favor of Ripple, but the SEC later appealed.
In early 2025, Ripple and the SEC agreed to jointly file requests to suspend their legal appeals, opting instead to “pursue a negotiated resolution” pending official Commission approval. But that negotiated resolution was slammed by SEC Commissioner Caroline Crenshaw and later denied by a U.S. district judge.
After a second denial by the courts, Ripple said it would drop its cross-appeal in June, ultimately finalizing the move in August alongside the SEC, ending the case.
When Ripple CEO Brad Garlinghouse first announced that the case against Ripple would be ending pending Commission approval, he called it “a victory and [a] long overdue surrender from the SEC.”
Binance
The SEC submitted a filing on May 29 to dismiss its ongoing case against Binance, which alleged that the crypto exchange, founder and former CEO Changpeng “CZ” Zhao, and Binance.US offered the unregistered sale of securities and more.
The parties sought a joint stay, or a 60-day pause, in February to seek a resolution to the case, largely thanks to the SEC’s newly established crypto task force, which both parties anticipated could “impact and facilitate the resolution of the case.”
The exchange has dealt with alleged securities, money laundering, and sanctions compliance issues since at least 2023, which led to two separate settlements for $4.3 billion and $2.7 billion, respectively. Zhao recently dismissed claims that he was courting President Trump for a pardon with Binance.US equity, though he added that he has begun the legal process for seeking one.
Crypto rulemaking case
On February 17, the SEC voluntarily dropped an appeal in a case revolving around the regulator’s previous attempts to extend securities laws to decentralized finance (DeFi) applications and users.
The appeal was made after a federal judge in Texas called the regulator’s expanded definitions unlawful, citing that it was conflating DeFi traders with financial brokers.
The dropped appeal ensures that DeFi protocols do not need to register with the SEC as securities exchanges, leading the Blockchain Association CEO Kristin Smith to call it a “complete and total victory.”
Coinbase
Leading American crypto exchange Coinbase had its lawsuit officially dismissed by the SEC in February.
The suit, which was filed in 2023, alleged that the platform knowingly operated as an unregistered securities exchange, specifically calling out tokens like Solana and Polygon in the process.
In its statement on the move, the Commission said that the decision “rests on its judgement that the dismissal will facilitate the Commission’s ongoing efforts to reform and renew its regulatory approach to the crypto industry.”
Prior to official approval, Coinbase Chief Legal Officer Paul Grewal said of the dismissal “there will be no settlement or compromise—a wrong will simply be made right.”
OpenSea
The SEC has ended its investigation into NFT marketplace OpenSea, the firm said in February, dropping charges that alleged it operated as an unlicensed securities brokerage. The platform indicated it received a Wells notice from the regulator in August 2024, signaling the SEC would take action against it.
“This is a win for everyone who is creating and building in our space,” said OpenSea CEO Devin Finzer. “Trying to classify NFTs as securities would have been a step backward—one that misinterprets the law and slows innovation.”
Robinhood Crypto
An SEC investigation into Robinhood—one which the platform claims should never have been opened—ended with no action taken by the regulator.
“As we explained to the SEC, any case against Robinhood Crypto would have failed,” said Robinhood’s Chief Legal, Compliance and Corporate Affairs Officer Dan Gallagher. “We appreciate the formal closing of this investigation, and we are happy to see a return to the rule of law and commitment to fairness at the SEC.”
The firm was notified of a potential enforcement action in May 2024 when it received a Wells notice from the Gary Gensler-led SEC.
Uniswap Labs
Uniswap Labs, the creator of Ethereum decentralized exchange Uniswap, said in February that the SEC has ended its investigation into the organization without filing any charges.
Like other leading crypto organizations, Uniswap Labs received a Wells notice in April 2024 which alleged it operated as an unregistered securities broker, exchange, and clearing agency, and that had enabled the sale of an unregistered security.
With the investigation said to be over, all of the aforementioned claims have now been dropped, said its CEO Hayden Adams.
“They went after us despite having no clear legal basis, as part of a strategy of arbitrary enforcement to try to force DeFi into a regulatory framework that doesn’t fit—all while refusing to provide clear rules or a path to compliance,” he posted on X. “This is a huge win, not just for Uniswap Labs but for DeFi as a whole.”
Gemini Trust
A two-year investigation into Gemini Trust about the unregistered sale of securities ended last week without an enforcement action from the Commission.
Gemini co-founder Cameron Winklevoss noted the milestone, but said that it “does little to make up for the damage this agency has done to us, our industry, and America.”
Winklevoss estimated that the regulator cost his firm “tens of millions in legal fees and hundreds of millions in lost productivity, creativity, and innovation.”
On April 1, the SEC and Gemini also mutually agreed to a 60-day stay over the $900 million lawsuit related to the firm’s lending program
Justin Sun/Tron
Like Binance, Justin Sun and Tron filed a joint motion alongside the SEC to temporarily stay the regulator’s case in the hopes of finding a resolution.
The case stems back to 2023 when the SEC alleged that Sun made more than 600,000 wash trades to create misleading Tron (TRX) volumes that led to around $32 million in profits. The joint filing indicates a resolution would be beneficial on account of “conserving judicial resources.”
Consensys
MetaMask and Linea parent company, Consensys, had its case officially dismissed on March 27, which focused on staking features within MetaMask.
“We were committed to fighting this suit until the bitter end but welcome this outcome,” said Consensys founder and CEO Joseph Lubin on X when it was expected the Commission would drop the case. “Now we can get 100% back to building. 2025 is going to be the best year yet for Ethereum and Consensys.”
(Disclosure: Consensys is one of 22 investors in an editorially independent Decrypt.)
Kraken
The Commission agreed to drop its latest lawsuit into the American centralized exchange Kraken, the firm said on March 3, pending commissioner approval. That approval came on March 27, officially dropping the case.
The SEC originally alleged that the firm violated securities laws with its staking-as-a-service system. That suit was settled in February 2023, with Kraken agreeing to pay a $30 million fine.
But the regulator sued the platform again in November 2023, alleging it was operating as an unregistered securities exchange, dealer, and broker. That lawsuit is the one that it “agreed in principle” to drop.
In conclusion, the exchange indicated there is “no admission of wrongdoing, no penalties paid, and no changes to our business.”
Yuga Labs
Bored Ape Yacht Club creator Yuga Labs announced on March 3 that the SEC closed its investigation into the company.
The investigation had been ongoing since 2022, with the regulator scrutinizing the company’s NFT offerings, as well as the ApeCoin token launch. The Ethereum token’s creation was officially created to the “ApeCoin DAO.”
“This is a huge win for NFTs and all creators pushing our ecosystem forward,” the company posted on X. “NFTs are not securities.”
Horizen Labs
A representative for Horizen Labs confirmed to Decrypt on March 4 that an investigation into the company—due to its affiliation with the ApeCoin launch—was ended by the SEC with a recommendation of no enforcement action.
“I can say personally how much of a weight off our shoulders this is for those who just want to build and always try to do the right thing,” CEO Rob Viglione said. “Horizen Labs could have gone offshore, like many did, but we chose to stay in the U.S. despite the war on crypto.”
Cumberland DRW
Market maker Cumberland’s case was officially dropped alongside a pair of other crypto cases on March 27. The Commission brought a suit against the firm in October 2024, alleging it acted as an unregistered dealer of securities.
“As a firm deeply committed to the principles of integrity and transparency, we look forward to continuing our dialogue with the SEC to help shape a future where technological advancements and regulatory clarity go hand-in-hand,” it posted on X when it first announced the joint filing to drop the case.
Crypto.com
Crypto.com sued the SEC in October 2024 after it received a Wells notice from the regulator over potential securities violations.
But now the Commission has ended its investigation into the platform and will file no enforcement action.
The SEC’s investigation into https://t.co/pFc4Pz9nFR has been closed with no action being taken against https://t.co/pFc4Pz9nFR.
— Kris | Crypto.com (@kris) March 27, 2025
“We are pleased that the current SEC leadership has made the decision to close its investigation into Crypto.com with no enforcement action or settlement,” said Nick Lundgren, Chief Legal Officer of Crypto.com in a statement. “Compliance and integrity are core to Crypto.com’s business and we are excited to work with soon-to-be-confirmed Chair Atkins and the rest of the Commission on our long-awaited desire for legislation and rulemaking.”
Immutable
After receiving a Wells notice in October 2024, the Ethereum-based gaming company announced on March 25 that the SEC had concluded its investigation into the firm.
The investigation centered on potential securities violations surrounding the sale of IMX tokens in 2021 in which Immutable raised at least $12.5 million.
“That inquiry is now officially closed, with zero findings of wrongdoing, and the SEC is taking no action,” Immutable posted on X. “This is a huge win – not just for Web3 gaming, but everyone who believes in digital ownership rights.”
Hawk Tuah Girl
Haliey Welch, better known as the “Hawk Tuah” girl, told TMZ that the SEC’s investigation into her meme coin debacle is now over.
“For the past few months, I’ve been cooperating with all the authorities and attorneys, and finally, that work is complete,” Welch told the outlet.
In December the internet celebrity launched a Solana meme coin—HAWK—which went horribly wrong, leading to allegations of a rug pull as the token’s price collapsed very quickly after launch. The team behind the token denied any wrongdoing.
Helium
The SEC dismissed its lawsuit against Nova Labs, the team behind Helium, a Solana-based decentralized wireless connectivity network.
“We can now definitively say that all compatible Helium Hotspots and the distribution of HNT, IOT, and MOBILE tokens through the Helium Network are not securities,” Helium wrote.
The lawsuit against the firm was among Gary Gensler’s final acts in power while leading the Commission, dropping on January 20, 2025 right before the administration shift to President Donald Trump. Nova Labs agreed to pay a $200,000 fine to settle part of the suit related to claims that Helium misled investors with claims over companies it said was using the network.
PayPal
PayPal faced almost two years of scrutiny over its PYUSD stablecoin, but the SEC took no action against the payments giant.
The regulator first sent the company a subpoena in November 2023 seeking documents related to PYUSD, though specific details were not made public.
But in February, the SEC decided it would end the investigation, according to an April filing from PayPal.
CyberKongz
The SEC dropped an investigation into Ethereum NFT project CyberKongz after nearly two years of communication with the project, the creators said.
The project said it received a Wells notice from the regulator in December, an indication that it may have enforcement taken against it. However, the investigation, which centered on the project’s BANANA token and its gaming contract migration in 2021, ended with no action.
“After years of litigation, unjust allegations, crippling legal fees, and the biggest hurdle we could possibly encounter—we are free,” the project posted on X.
Editor’s note: This story was originally published on March 2, 2025 and last updated with new details on August 13.
