The number of class actions related to cryptocurrencies in the U.S. for the first half of 2025 is already approaching the total number of such cases for all of 2024. According to a report by research firm Cornerstone Research, investors filed six cryptocurrency-related lawsuits, while there were seven such lawsuits last year.
Artificial intelligence and cryptocurrencies lead in litigation.
Cornerstone Research noted on Wednesday that artificial intelligence and cryptocurrencies have become the main topics of complaints in the first half of 2025. In addition to six cryptocurrency lawsuits, 12 cases related to AI were filed. Both indicators are approaching the total number of similar complaints for the entire previous year.
This occurs against the backdrop of a stable overall number of securities class actions — 114 new cases in the first half of 2025 compared to 115 in the second half of 2024. Notably, affected investors continue to file civil lawsuits against crypto companies despite the easing of regulatory pressure from U.S. agencies under President Trump.
Structure of cryptocurrency lawsuits.
Of the six cases filed this year, half are against cryptocurrency issuers, and one lawsuit is against a crypto miner. Two cases involve companies that Cornerstone has only indirectly related to cryptocurrencies — these are firms selling mining equipment, trying to enter the crypto space or collaborating with crypto companies.
The law firm Burwick Law initiated half of the cryptocurrency lawsuits of the current year. Among the most notable are complaints against the platform Pump.fun and individuals allegedly involved with the controversial meme coin LIBRA.
The remaining cases are led by the law firms Pomerantz LLP (two lawsuits) and Glancy Prongay & Murray (one lawsuit).
"AI-washing" as a driving force of litigation.
In the first half of the year, 12 lawsuits related to artificial intelligence were filed. Last year, there were only 15 such cases. Stanford University professor and former commissioner of the Securities and Exchange Commission (t-26) Joseph Grundfest noted that this demonstrates key trends.
"ChatGPT explains the rise in litigation over AI as a result of the phenomenon of 'AI-washing' — when companies exaggerate, distort, or falsify the scale or significance of their artificial intelligence capabilities to investors and the public. This often leads to legal claims when the truth is revealed and investors incur losses," said Grundfest.
Despite the easing of the stance of federal authorities, including the Department of Justice and the SEC, towards the cryptocurrency sector during the Trump administration, private investors are not reducing their activity in litigation. This indicates that civil legal mechanisms for protecting investors work independently of changes in government policy.
