In the past two weeks, the U.S. Securities and Exchange Commission (SEC) under President Donald Trump has unexpectedly dropped several lawsuits against major blockchain companies. Investigations into OpenSea, Robinhood, and Uniswap have ended, while lawsuits against Binance and Coinbase have also been respectively paused or dismissed. This brings a wave of optimism to the cryptocurrency industry after years of legal pressure. But is this a complete victory for crypto?

It's still too early to celebrate

While exchanges seem to have escaped the risk of prosecution, the question of the legality of tokens remains #SEC unclear. According to Arie Heijkoop, a securities lawyer at Haynes Boone, the SEC has not made any official decisions on whether tokens are considered securities. "Some of them may still be seen as securities," he warned.

Last week, SEC Commissioner Hester Peirce proposed a new classification system, in which some tokens could be labeled as securities if they have characteristics similar to traditional securities or if they are sold as an investment contract. Although the Trump administration seems more crypto-friendly, Heijkoop believes the SEC will still closely examine tokens that have been promoted as assets with the potential for price appreciation due to the efforts of the development team.

"If I had to bet, I don't think the SEC will decide that everything in crypto is not a security," he said.

Are Solana, Polygon, and Cardano really safe?

Previously, the SEC had accused Solana ($SOL ), Polygon ($POL ) and Cardano ($ADA ) of being unregistered securities. However, Ryne Miller, co-chair of the crypto department at law firm Lowenstein Sandler, believes these projects will not be affected.

"I am not worried about the token sales that have occurred in the past, especially with strong token ecosystems where the tokens have a clear utility," Miller said. According to him, now is the time for the crypto industry to find a regulatory approach rather than worry about past issues.

The SEC has not yet made a clear decision

Drew Hinkes, a partner at law firm Winston & Strawn, has a more cautious outlook. He believes the cryptocurrency industry can only feel secure when the SEC makes official statements about each type of token or specific group of tokens.

"The industry needs more than just a sense of optimism," Hinkes said. "I cannot advise clients based on what I think the SEC might do in the future."

According to him, the SEC's abandonment of a series of recent lawsuits does not mean they will stop considering the legality of tokens. Instead, crypto remains in a "gray area" legally.

A positive signal from Washington

Although there are still many uncertainties, there are signs that the SEC is listening to the crypto industry. Hinkes, along with two other prominent crypto lawyers—J.W. Verret and Jason Gottlieb—met with the SEC's crypto task force at #Washington . There, they presented a detailed proposal on how the SEC should regulate the crypto industry in 16 different areas.

After the meeting, Hinkes seemed optimistic: "This was a very positive and constructive meeting. The SEC has shown openness to many ideas."

Conclusion: Crypto still needs to be cautious

While the SEC's abandonment of recent lawsuits is a good sign, crypto projects, especially Solana, Polygon, and Cardano, still need to closely monitor the agency's next moves. Until the SEC makes official decisions regarding regulations for each type of token, the crypto industry cannot fully feel at ease.

In summary, while the crypto industry may breathe a sigh of relief, it is still too early to celebrate a victory! #anhbacong