From Enforcement Waves to Mass Dismissals โ How Trumpโs SEC Is Resetting Crypto Regulation
๐๏ธ A New Era for Crypto Regulation
Since Donald Trump returned to office in 2025, the Securities and Exchange Commission (SEC) has taken a dramatically different approach toward cryptocurrency enforcement. With Commissioner Hester Peirce now leading a dedicated Crypto Task Force, the agencyโs stance has shifted from aggressive litigation to strategic retreat.
This transformation has already led to a wave of paused lawsuits, closed investigations, and case dismissals โ signaling a broader deregulatory push in the crypto industry. Hereโs a detailed breakdown of the major crypto cases Trumpโs SEC has altered in 2025:
๐จโโ๏ธ Justin Sun & TRON: Market Manipulation Allegations Paused
Original Case: The SEC filed a lawsuit against Justin Sun, TRON Foundation, and associates, alleging unregistered securities offerings (TRX and BTT) and wash trading.
Trump-Era Change: On February 26, 2025, the case was officially paused through a joint motion โ a rare occurrence in SEC litigation.
Why It Matters: Justin Sun has ties to pro-Trump groups and is linked to the $TRUMP memecoin, fueling speculation of political protection in the space.
๐ฆ Binance: Global Giant Sees Charges Dropped
Original Case: Binance was accused of operating as an unregistered securities exchange, engaging in wash trading, and mishandling customer funds.
Trump-Era Change: After a joint motion to stay the case on February 10, the lawsuit was fully dismissed on May 29, 2025.
Why It Matters: Binance, the worldโs largest exchange, now has regulatory breathing room in the U.S. after years of pressure.
๐ธ Ripple Labs: Appeal Quietly Withdrawn
Original Case: The Ripple case originated during Trumpโs first term, alleging XRP sales as unregistered securities.
Trump-Era Change: On March 19, Ripple confirmed that the SEC would drop its appeal.
April 16: A joint motion to hold the appeal in abeyance was filed, halting further legal actions.
Why It Matters: Ripple is one of the few companies to fight the SEC in court โ and win. The dismissal solidifies XRPโs status in the U.S.
๐ฎ Immutable (IMX): Wells Notice Withdrawn
Original Case: Immutable disclosed on November 1, 2024, that it received a Wells Notice for its IMX token.
Trump-Era Change: On March 25, 2025, Immutable said the SEC had dropped its inquiry.
Why It Matters: A key player in Web3 gaming, this clears the way for expansion in the U.S. market.
๐ Yuga Labs: NFT Titan No Longer Under Scrutiny
Original Case: Yuga Labs, the team behind Bored Ape Yacht Club, faced an SEC investigation into NFT securities classification.
Trump-Era Change: On March 3, 2025, Yuga announced the SEC officially closed its investigation.
Why It Matters: The decision eases regulatory pressure on the entire NFT industry.
๐ช Kraken: A Clean Slate on Second Lawsuit
Original Case: In addition to a settled staking case, Kraken was sued over allegedly offering unregistered securities.
Trump-Era Change: On March 3, Kraken confirmed the SEC agreed in principle to dismiss the case.
March 27: The dismissal was filed jointly.
Why It Matters: The exchange can now focus on expanding U.S. operations without legal overhang.
๐ฆ Consensys (MetaMask): Swaps Lawsuit Scrapped
Original Case: The SEC targeted Consensys for securities violations related to MetaMaskโs swaps feature.
Trump-Era Change: On February 27, Consensys said it had agreed with the SEC to dismiss the enforcement case.
March 27: Joint stipulation for dismissal was filed.
Why It Matters: MetaMask is central to DeFi โ this dismissal shields one of the most used crypto wallets from legal risks.
๐๏ธ Gemini: Winklevoss Strikes Back
Original Case: Gemini was under investigation by the SEC, related to its lending product and more.
Trump-Era Change: On February 27, Cameron Winklevoss said the SEC had closed its investigation with no enforcement action.
He added: The SEC should reimburse Gemini and โfire everyone involved.โ
Why It Matters: The case closure is a huge reputational win โ and Winklevossโ outburst shows growing industry confidence.
๐ OpenSea: NFT Marketplace Cleared
Original Case: The SEC investigated OpenSeaโs role in possible NFT-related securities sales.
Trump-Era Change: On February 21, 2025, OpenSea said the SEC was closing the investigation.
Why It Matters: Another signal that NFTs may no longer be in the SECโs crosshairs โ at least for now.
๐๏ธ Coinbase: Lawsuit Dismissed
Original Case: Coinbase was sued by the SEC for acting as an unregistered broker, exchange, and clearing agency.
Trump-Era Change: On February 27, Coinbase confirmed the case was being dismissed.
February 28: A corrected version of the stipulation was filed.
Why It Matters: As a publicly traded company, Coinbaseโs legal relief sends waves across the crypto market.
๐ฒ Crypto.com: Wells Notice Resolved
Original Case: Received a Wells Notice in late 2024, prompting the firm to sue the SEC.
Trump-Era Change: On March 27, 2025, Crypto.com announced the SEC would file no enforcement action.
Why It Matters: Yet another major exchange freed from legal uncertainty.
๐ Robinhood: Investigation Concluded
Original Case: The SEC was investigating Robinhoodโs crypto unit after a Wells Notice in May 2024.
Trump-Era Change: On February 24, Robinhood stated the SEC had ended its investigation with no further action.
Why It Matters: Robinhood can now expand its crypto services without SEC fear โ good news for retail adoption.
โ๏ธ Uniswap Labs: Multi-Year Investigation Ends
Original Case: In April 2024, Uniswap Labs received a Wells Notice.
Trump-Era Change: On February 25, Uniswap announced the investigation was closed with no action taken.
Why It Matters: This sets a positive precedent for DeFi protocols and open-source builders.
๐ชฉ SEC Clarifies PoS Staking Is Not a Security
Trump-Era Shift: On May 29, the SEC released updated guidance saying that proof-of-stake (PoS) staking does not involve securities offerings.
Why It Matters: Huge shift from Gensler-era stance, unlocking staking for U.S. investors and builders.
๐ Final Thoughts: The SEC Reset Is Real
The Trump administrationโs reshaped SEC is reversing years of enforcement-heavy policy. By pausing lawsuits, dismissing investigations, and rewriting guidance, the agency is signaling a friendlier, builder-focused environment for crypto.
Whether this shift leads to long-term regulatory clarity or another future backlash remains to be seen โ but for now, the crypto industry is celebrating a rare wave of legal victories.
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