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

The momentum has shifted within the yearslong battle between prime crypto firms and protocols and the U.S. Securities and Change Fee underneath the brand new Trump administration. 

The regulator, which now has a crypto-friendly chairman in Paul Atkins and a crypto task force led by longtime trade advocate Hester Peirce, is transferring away from what Pierce and others have known as “regulation by enforcement” to much less hostile engagements with crypto. 

To date, these phrases have rung true with the SEC not too long ago backing away from fights with a number of prime crypto firms. Listed below are the SEC’s largest pivots, reversals, and exits to this point underneath Trump.

Ripple

The SEC and Ripple Labs formally dropped their respective appeals in August, bringing to an finish the four-year lawsuit and landmark crypto case. 

The decision breaks the longest-standing battle between the regulator and a crypto agency, stemming again to 2021 allegations in regards to the unregistered sale of securities with XRP. In 2023, a partial ruling fell largely in favor of Ripple, however the SEC later appealed.

In early 2025, Ripple and the SEC agreed to collectively file requests to droop their authorized appeals, opting as an alternative to “pursue a negotiated resolution” pending official Fee approval. However that negotiated decision was slammed by SEC Commissioner Caroline Crenshaw and later denied by a U.S. district judge. 

After a second denial by the courts, Ripple mentioned it will drop its cross-appeal in June, in the end finalizing the transfer in August alongside the SEC, ending the case.

When Ripple CEO Brad Garlinghouse first announced that the case in opposition to Ripple can be ending pending Fee approval, he known as it “a victory and [a] lengthy overdue give up from the SEC.”

Binance

The SEC submitted a filing on Could 29 to dismiss its ongoing case in opposition to Binance, which alleged that the crypto alternate, founder and former CEO Changpeng “CZ” Zhao, and Binance.US supplied the unregistered sale of securities and extra.

The events sought a joint keep, or a 60-day pause, in February to hunt a decision to the case, largely due to the SEC’s newly established crypto task force, which each events anticipated may “impact and facilitate the resolution of the case.”

The alternate has handled alleged securities, cash laundering, and sanctions compliance points since a minimum of 2023, which led to 2 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 fairness, although he added that he has begun the authorized course of for looking for one.

Crypto rulemaking case

On February 17, the SEC voluntarily dropped an appeal in a case revolving across the regulator’s earlier makes an attempt to increase securities legal guidelines to decentralized finance (DeFi) functions and customers. 

The attraction was made after a federal choose in Texas known as the regulator’s expanded definitions illegal, citing that it was conflating DeFi merchants with monetary brokers. 

The dropped attraction ensures that DeFi protocols don’t have to register with the SEC as securities exchanges, main the Blockchain Affiliation CEO Kristin Smith to name it a “full and complete victory.”

Coinbase

Main American crypto alternate Coinbase had its lawsuit officially dismissed by the SEC in February.

The swimsuit, which was filed in 2023, alleged that the platform knowingly operated as an unregistered securities alternate, particularly calling out tokens like Solana and Polygon within the course of.

In its assertion on the transfer, the Fee said that the decision “rests on its judgement that the dismissal will facilitate the Fee’s ongoing efforts to reform and renew its regulatory method to the crypto trade.” 

Previous to official approval, Coinbase Chief Authorized Officer Paul Grewal mentioned of the dismissal “there can be no settlement or compromise—a incorrect will merely be made proper.”

OpenSea

The SEC has ended its investigation into NFT market OpenSea, the agency mentioned in February, dropping costs 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 motion in opposition to it.

“It is a win for everybody who’s creating and constructing in our house,” mentioned OpenSea CEO Devin Finzer. “Making an attempt to categorise NFTs as securities would have been a step backward—one which misinterprets the regulation and slows innovation.” 

Robinhood Crypto

An SEC investigation into Robinhood—one which the platform claims ought to by no means have been opened—ended with no motion taken by the regulator. 

“As we defined to the SEC, any case in opposition to Robinhood Crypto would have failed,” mentioned Robinhood’s Chief Authorized, Compliance and Company Affairs Officer Dan Gallagher. “We admire the formal closing of this investigation, and we’re glad to see a return to the rule of regulation and dedication to equity on the SEC.”

The agency was notified of a possible enforcement motion in Could 2024 when it received a Wells discover from the Gary Gensler-led SEC. 

Uniswap Labs

Uniswap Labs, the creator of Ethereum decentralized alternate Uniswap, mentioned in February that the SEC has ended its investigation into the group with out submitting any costs.

Like different main crypto organizations, Uniswap Labs received a Wells notice in April 2024 which alleged it operated as an unregistered securities dealer, alternate, and clearing company, and that had enabled the sale of an unregistered safety. 

With the investigation mentioned to be over, the entire aforementioned claims have now been dropped, mentioned its CEO Hayden Adams. 

“They went after us regardless of having no clear authorized foundation, as a part of a technique of arbitrary enforcement to attempt to drive DeFi right into a regulatory framework that doesn’t match—all whereas refusing to offer clear guidelines or a path to compliance,” he posted on X. “It is a big win, not only for Uniswap Labs however for DeFi as a complete.”

Gemini Belief

A two-year investigation into Gemini Belief in regards to the unregistered sale of securities ended final week with out an enforcement motion from the Fee. 

Gemini co-founder Cameron Winklevoss famous the milestone, however said that it “does little to make up for the harm this company has performed to us, our trade, and America.”

Winklevoss estimated that the regulator price his agency “tens of hundreds of thousands in authorized charges and a whole bunch of hundreds of thousands in misplaced productiveness, creativity, and innovation.”

On April 1, the SEC and Gemini additionally mutually agreed to a 60-day stay over the $900 million lawsuit associated to the agency’s lending program

Justin Solar/Tron

Like Binance, Justin Solar and Tron filed a joint motion alongside the SEC to briefly keep the regulator’s case within the hopes of discovering a decision. 

The case stems again to 2023 when the SEC alleged that Solar made greater than 600,000 wash trades to create deceptive Tron (TRX) volumes that led to round $32 million in income. The joint submitting signifies a decision can be useful on account of “conserving judicial assets.” 

Consensys

MetaMask and Linea guardian firm, Consensys, had its case officially dismissed on March 27, which centered on staking options inside MetaMask.

“We had been dedicated to preventing this swimsuit till the bitter finish however welcome this final result,” mentioned Consensys founder and CEO Joseph Lubin on X when it was anticipated the Fee would drop the case. “Now we are able to get 100% again to constructing. 2025 goes to be the perfect 12 months but for Ethereum and Consensys.”

(Disclosure: Consensys is one of 22 investors in an editorially unbiased Decrypt.)

Kraken

The Fee agreed to drop its newest lawsuit into the American centralized alternate Kraken, the agency said on March 3, pending commissioner approval. That approval got here on March 27, formally dropping the case.

The SEC initially alleged that the agency violated securities legal guidelines with its staking-as-a-service system. That suit was settled in February 2023, with Kraken agreeing to pay a $30 million advantageous.

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

In conclusion, the alternate indicated there may be “no admission of wrongdoing, no penalties paid, and no adjustments to our enterprise.”

Yuga Labs

Bored Ape Yacht Club creator Yuga Labs introduced on March 3 that the SEC closed its investigation into the corporate.

The investigation had been ongoing since 2022, with the regulator scrutinizing the corporate’s NFT choices, in addition to the ApeCoin token launch. The Ethereum token’s creation was formally created to the “ApeCoin DAO.”

“It is a big win for NFTs and all creators pushing our ecosystem ahead,” the corporate posted on X. “NFTs aren’t securities.”

Horizen Labs

A consultant for Horizen Labs confirmed to Decrypt on March 4 that an investigation into the corporate—attributable to its affiliation with the ApeCoin launch—was ended by the SEC with a suggestion of no enforcement motion.

“I can say personally how a lot of a weight off our shoulders that is for individuals who simply wish to construct and at all times attempt to do the suitable factor,” CEO Rob Viglione mentioned. “Horizen Labs may have gone offshore, like many did, however we selected to remain within the U.S. regardless of the struggle on crypto.”

Cumberland DRW

Market maker Cumberland’s case was officially dropped alongside a pair of different crypto instances on March 27. The Fee brought a suit in opposition to the agency in October 2024, alleging it acted as an unregistered supplier of securities.

“As a agency deeply dedicated to the rules of integrity and transparency, we sit up for persevering with our dialogue with the SEC to assist form a future the place technological developments and regulatory readability go hand-in-hand,” it posted on X when it first introduced the joint submitting to drop the case.

Crypto.com

Crypto.com sued the SEC in October 2024 after it acquired a Wells discover from the regulator over potential securities violations.

However now the Fee has ended its investigation into the platform and can file no enforcement motion.

“We’re happy that the present SEC management has made the choice to shut its investigation into Crypto.com with no enforcement motion or settlement,” mentioned Nick Lundgren, Chief Authorized Officer of Crypto.com in a statement. “Compliance and integrity are core to Crypto.com’s enterprise and we’re excited to work with soon-to-be-confirmed Chair Atkins and the remainder of the Fee on our long-awaited need for laws and rulemaking.”

Immutable

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

The investigation centered on potential securities violations surrounding the sale of IMX tokens in 2021 by which Immutable raised a minimum of $12.5 million.

“That inquiry is now formally closed, with zero findings of wrongdoing, and the SEC is taking no motion,” Immutable posted on X. “It is a big win – not only for Web3 gaming, however everybody who believes in digital possession rights.”

Hawk Tuah Woman

Haliey Welch, higher often called the “Hawk Tuah” woman, 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 all of the authorities and attorneys, and eventually, that work is full,” Welch informed the outlet.

In December the web superstar launched a Solana meme coin—HAWK—which went horribly incorrect, resulting in allegations of a rug pull because the token’s worth collapsed in a short time after launch. The staff behind the token denied any wrongdoing.

Helium

The SEC dismissed its lawsuit in opposition to Nova Labs, the staff behind Helium, a Solana-based decentralized wi-fi connectivity community.

“We will now definitively say that each one suitable Helium Hotspots and the distribution of HNT, IOT, and MOBILE tokens by means of the Helium Community aren’t securities,” Helium wrote.

The lawsuit in opposition to the agency was amongst Gary Gensler’s closing acts in energy whereas main the Fee, dropping on January 20, 2025 right before the administration shift to President Donald Trump. Nova Labs agreed to pay a $200,000 advantageous to settle a part of the swimsuit associated to claims that Helium misled traders with claims over firms it mentioned was utilizing the community.

PayPal

PayPal confronted virtually two years of scrutiny over its PYUSD stablecoin, however the SEC took no motion in opposition to the funds big.

The regulator first sent the company a subpoena in November 2023 looking for paperwork associated to PYUSD, although particular particulars weren’t made public.

However in February, the SEC determined it will finish the investigation, according to an April filing from PayPal.

CyberKongz

The SEC dropped an investigation into Ethereum NFT venture CyberKongz after almost two years of communication with the venture, the creators mentioned.

The venture mentioned it acquired a Wells discover from the regulator in December, a sign that it could have enforcement taken in opposition to it. Nevertheless, the investigation, which centered on the venture’s BANANA token and its gaming contract migration in 2021, ended with no motion.

“After years of litigation, unjust allegations, crippling authorized charges, and the most important hurdle we may probably encounter—we’re free,” the project posted on X.

Editor’s observe: This story was initially printed on March 2, 2025 and final up to date with new particulars on August 13.