From Coinbase to Ripple: The Biggest Crypto Cases Dumped by Trump's SEC

The momentum has shifted in the yearslong battle between top crypto corporations and protocols and the U.S. Securities and Trade Price below the unusual Trump administration.

The regulator, which now has a crypto-pleasant chairman in Paul Atkins and a crypto project power led by longtime substitute advocate Hester Peirce, is transferring a ways from what Pierce and others luxuriate in known as “regulation by enforcement” to much less antagonistic engagements with crypto.

Up to now, those phrases luxuriate in rung lawful with the SEC no longer too lengthy previously backing a ways from fights with extra than one top crypto corporations. Here are the SEC’s greatest pivots, reversals, and exits up to now below 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 dedication breaks the longest-standing battle between the regulator and a crypto firm, stemming help to 2021 allegations in regards to the unregistered sale of securities with XRP. In 2023, a partial ruling fell largely in prefer of Ripple, however the SEC later appealed.

In early 2025, Ripple and the SEC agreed to collectively file requests to suspend their acceptable appeals, opting as an alternative to “pursue a negotiated dedication” pending reliable Price approval. But that negotiated dedication used to be 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 descend its dull-appeal in June, in a roundabout procedure finalizing the pass in August alongside the SEC, ending the case.

When Ripple CEO Brad Garlinghouse first announced that the case in opposition to Ripple would possibly perhaps well perhaps perchance be ending pending Price approval, he known as it “a victory and [a] lengthy overdue quit from the SEC.”

Binance

The SEC submitted a filing on Could well also merely 29 to push apart its ongoing case in opposition to Binance, which alleged that the crypto alternate, founder and feeble CEO Changpeng “CZ” Zhao, and Binance.US equipped the unregistered sale of securities and extra.

The occasions sought a joint dwell, or a 60-day pause, in February to see a dedication to the case, largely as a result of the SEC’s newly established crypto project power, which both occasions anticipated would possibly perhaps well perchance additionally “impact and facilitate the dedication of the case.”

The alternate has handled alleged securities, money laundering, and sanctions compliance points since on the least 2023, which resulted in two separate settlements for $4.3 billion and $2.7 billion, respectively. Zhao no longer too lengthy previously pushed aside claims that he used to be courting President Trump for a pardon with Binance.US fairness, though he added that he has begun the correct course of for seeking one.

Crypto rulemaking case

On February 17, the SEC voluntarily dropped an appeal in a case revolving round the regulator’s earlier attempts to develop securities felony pointers to decentralized finance (DeFi) applications and users.

The appeal used to be made after a federal judge in Texas known as the regulator’s expanded definitions unlawful, citing that it used to be conflating DeFi merchants with monetary brokers.

The dropped appeal ensures that DeFi protocols function no longer ought to register with the SEC as securities exchanges, leading the Blockchain Association CEO Kristin Smith to name it a “whole and total victory.”

Coinbase

Leading American crypto alternate Coinbase had its lawsuit officially pushed aside by the SEC in February.

The suit, which used to be filed in 2023, alleged that the platform knowingly operated as an unregistered securities alternate, particularly calling out tokens esteem Solana and Polygon in the technique.

In its commentary on the pass, the Price said that the dedication “rests on its judgement that the dismissal will facilitate the Price’s ongoing efforts to reform and renew its regulatory procedure to the crypto substitute.”

Earlier than reliable approval, Coinbase Chief Honest Officer Paul Grewal said of the dismissal “there shall be no settlement or compromise—a substandard will merely be made honest precise.”

OpenSea

The SEC has ended its investigation into NFT marketplace OpenSea, the firm said in February, losing funds that alleged it operated as an unlicensed securities brokerage. The platform indicated it got a Wells look from the regulator in August 2024, signaling the SEC would blueprint shut action in opposition to it.

“Here is a gain for all individuals who’s developing and constructing in our yelp,” said OpenSea CEO Devin Finzer. “Attempting to classify NFTs as securities would luxuriate in been a step backward—one which misinterprets the law and slows innovation.”

Robinhood Crypto

An SEC investigation into Robinhood—one which the platform claims must soundless in no procedure luxuriate in been opened—ended and not utilizing a action taken by the regulator.

“As we outlined to the SEC, any case in opposition to Robinhood Crypto would luxuriate in failed,” said Robinhood’s Chief Honest, Compliance and Company Affairs Officer Dan Gallagher. “We fancy the formal closing of this investigation, and we’re pleased to peep a return to the rule of thumb of law and dedication to fairness on the SEC.”

The firm used to be notified of a doable enforcement action in Could well also merely 2024 when it got a Wells look from the Gary Gensler-led SEC.

Uniswap Labs

Uniswap Labs, the creator of Ethereum decentralized alternate Uniswap, said in February that the SEC has ended its investigation into the group without filing any funds.

Esteem completely different leading crypto organizations, Uniswap Labs got a Wells look in April 2024 which alleged it operated as an unregistered securities broker, alternate, and clearing company, and that had enabled the sale of an unregistered security.

With the investigation said to be over, all of the aforementioned claims luxuriate in now been dropped, said its CEO Hayden Adams.

“They went after us no subject having no obvious acceptable foundation, as section of a formulation of arbitrary enforcement to blueprint shut a draw at to power DeFi into a regulatory framework that doesn’t fit—all while refusing to present obvious guidelines or a route to compliance,” he posted on X. “Here is a colossal gain, no longer merely for Uniswap Labs but for DeFi as a whole.”

Gemini Belief

A two-year investigation into Gemini Belief in regards to the unregistered sale of securities ended final week without an enforcement action from the Price.

Gemini co-founder Cameron Winklevoss neatly-known the milestone, but said that it “does tiny to set up for the wreck this company has accomplished to us, our substitute, and The united states.”

Winklevoss estimated that the regulator designate his firm “tens of hundreds and hundreds in acceptable prices and diverse hundreds and hundreds in misplaced productivity, creativity, and innovation.”

On April 1, the SEC and Gemini also mutually agreed to a 60-day dwell over the $900 million lawsuit linked to the firm’s lending program

Justin Sun/Tron

Esteem Binance, Justin Sun and Tron filed a joint hump alongside the SEC to quickly dwell the regulator’s case in the hopes of finding a dedication.

The case stems help to 2023 when the SEC alleged that Sun made extra than 600,000 wash trades to set deceptive Tron (TRX) volumes that resulted in round $32 million in income. The joint filing indicates a dedication would possibly perhaps well perhaps perchance be indispensable on memoir of “conserving judicial sources.”

Consensys

MetaMask and Linea guardian firm, Consensys, had its case officially pushed aside on March 27, which alive to about staking functions within MetaMask.

“We luxuriate in been dedicated to fighting this suit till the bitter end but welcome this fracture consequence,” said Consensys founder and CEO Joseph Lubin on X when it used to be anticipated the Price would descend the case. “Now we are able to salvage 100% help to constructing. 2025 goes to be the most intelligent year yet for Ethereum and Consensys.”

(Disclosure: Consensys is one in every of 22 merchants in an editorially honest Decrypt.)

Kraken

The Price agreed to descend its most recent lawsuit into the American centralized alternate Kraken, the firm said on March 3, pending commissioner approval. That approval came on March 27, officially losing the case.

The SEC firstly alleged that the firm violated securities felony pointers with its staking-as-a-provider machine. That suit used to be settled in February 2023, with Kraken agreeing to pay a $30 million dazzling.

However the regulator sued the platform again in November 2023, alleging it used to be working as an unregistered securities alternate, dealer, and broker. That lawsuit is the one which it “agreed in precept” to descend.

In conclusion, the alternate indicated there is “no admission of wrongdoing, no penalties paid, and no changes to our commercial.”

Yuga Labs

Bored Ape Yacht Membership creator Yuga Labs announced on March 3 that the SEC closed its investigation into the firm.

The investigation had been ongoing since 2022, with the regulator scrutinizing the firm’s NFT offerings, besides to the ApeCoin token initiate. The Ethereum token’s advent used to be officially created to the “ApeCoin DAO.”

“Here is a colossal gain for NFTs and all creators pushing our ecosystem forward,” the firm posted on X. “NFTs are no longer securities.”

Horizen Labs

A book for Horizen Labs confirmed to Decrypt on March 4 that an investigation into the firm—as a result of its affiliation with the ApeCoin initiate—used to be ended by the SEC with a advice of no enforcement action.

“I will say in my draw how important of a weight off our shoulders here is for fogeys who merely ought to compose and continuously strive to function the excellent part,” CEO Rob Viglione said. “Horizen Labs would possibly perhaps well perchance additionally luxuriate in long gone offshore, esteem many did, but we selected to dwell in the U.S. no subject the battle on crypto.”

Cumberland DRW

Market maker Cumberland’s case used to be officially dropped alongside a pair of completely different crypto circumstances on March 27. The Price introduced a suit in opposition to the firm in October 2024, alleging it acted as an unregistered dealer of securities.

“As a firm deeply dedicated to the recommendations of integrity and transparency, we trace ahead to continuing our dialogue with the SEC to attend shape a future the attach technological advancements and regulatory readability hump hand-in-hand,” it posted on X when it first announced the joint filing to descend the case.

Crypto.com

Crypto.com sued the SEC in October 2024 after it got a Wells look from the regulator over doable securities violations.

But now the Price has ended its investigation into the platform and must soundless file no enforcement action.

“We’re completely pleased that the fresh SEC leadership has made the dedication to shut its investigation into Crypto.com and not utilizing a enforcement action or settlement,” said Gash Lundgren, Chief Honest Officer of Crypto.com in a commentary. “Compliance and integrity are core to Crypto.com’s commercial and we’re livid to work with soon-to-be-confirmed Chair Atkins and the remainder of the Price on our lengthy-awaited need for laws and rulemaking.”

Immutable

After receiving a Wells look in October 2024, the Ethereum-essentially based gaming firm announced on March 25 that the SEC had concluded its investigation into the firm.

The investigation centered on doable securities violations surrounding the sale of IMX tokens in 2021 in which Immutable raised on the 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. “Here is a colossal gain – no longer merely for Web3 gaming, but all individuals who believes in digital possession rights.”

Hawk Tuah Girl

Haliey Welch, greater identified as the “Hawk Tuah” lady, told TMZ that the SEC’s investigation into her meme coin debacle is now over.

“For the previous few months, I have been cooperating with your whole authorities and attorneys, and eventually, that work is whole,” Welch told the outlet.

In December the on-line celeb launched a Solana meme coin—HAWK—which went horribly substandard, leading to allegations of a rug pull as the token’s designate collapsed very quickly after initiate. The crew in the help of the token denied any wrongdoing.

Helium

The SEC pushed aside its lawsuit in opposition to Nova Labs, the crew in the help of Helium, a Solana-essentially based decentralized wireless connectivity network.

“We can now definitively say that all neatly matched Helium Hotspots and the distribution of HNT, IOT, and MOBILE tokens thru the Helium Network are no longer securities,” Helium wrote.

The lawsuit in opposition to the firm used to be amongst Gary Gensler’s final acts in energy while leading the Price, losing on January 20, 2025 honest precise earlier than the administration shift to President Donald Trump. Nova Labs agreed to pay a $200,000 dazzling to resolve section of the suit linked to claims that Helium misled merchants with claims over corporations it said used to be the use of the network.

PayPal

PayPal faced almost two years of scrutiny over its PYUSD stablecoin, however the SEC took no action in opposition to the funds massive.

The regulator first sent the firm a subpoena in November 2023 seeking paperwork linked to PYUSD, though enlighten particulars weren’t made public.

But in February, the SEC determined it would end the investigation, in accordance with an April filing from PayPal.

CyberKongz

The SEC dropped an investigation into Ethereum NFT challenge CyberKongz after nearly two years of conversation with the challenge, the creators said.

The challenge said it got a Wells look from the regulator in December, a label that it can well perhaps additionally merely luxuriate in enforcement taken in opposition to it. However, the investigation, which centered on the challenge’s BANANA token and its gaming contract migration in 2021, ended and not utilizing a action.

“After years of litigation, unjust allegations, crippling acceptable prices, and the excellent hurdle we would additionally perhaps encounter—we’re free,” the challenge posted on X.

Editor’s point to: This myth used to be firstly printed on March 2, 2025 and final up up to now with unusual particulars on August 13.