In a dramatic shift in U.S. regulatory policy, the Securities and Exchange Commission (SEC) has dropped, paused, or closed over a dozen high-profile crypto-related enforcement actions just over two months after President Donald Trump returned to office and appointed Mark Uyeda as the agency’s acting chair. This shift marks a significant retreat from the aggressive enforcement strategy that defined the SEC’s approach to the cryptocurrency sector in recent years. Legal observers and industry leaders alike are calling the move a potential reset in how the U.S. treats digital assets under securities law.
The Changing Narrative
Since Mark Uyeda’s appointment, the SEC has cited the formation of a new internal crypto task force and the need to reassess how digital assets fit into existing securities regulations. This reassessment has resulted in the withdrawal or suspension of numerous enforcement actions, some of which have been ongoing for years. In several instances, the SEC has opted to drop cases with prejudice, legally barring the agency from re-filing the same charges—raising questions about the strength of the original claims and signaling a possible change in how the SEC plans to regulate the industry going forward.
Major Cases Closed or Paused
1. Ripple Labs
Ripple reached an agreement with the SEC to end both the regulator’s appeal and Ripple’s cross-appeal over a 2023 ruling. The deal includes the return of $75 million from a previously imposed $125 million fine. While the agreement is not yet reflected in public court records, insiders confirm both parties have settled.
2. Coinbase
The SEC withdrew its lawsuit against Coinbase, originally accusing the exchange of listing multiple crypto assets as unregistered securities. The case was dismissed with prejudice, blocking any future filings based on the same claims. Tokens involved in the original suit included Solana (SOL), Cardano (ADA), and Polygon (MATIC), among others.
3. ConsenSys (MetaMask)
Filed on March 27, a joint stipulation led to the dismissal of the SEC’s case against ConsenSys over its MetaMask wallet product. CEO Joe Lubin confirmed that the case is officially closed.
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4. Kraken
The SEC dropped its charges against crypto exchange Kraken, which had been accused of violating securities laws and commingling customer funds. A joint dismissal was filed, although a judge’s formal approval is still pending.
5. Cumberland DRW
Cumberland DRW, accused of operating as an unregistered securities dealer, has reached a tentative agreement with the SEC for a full dismissal. The court has granted a stay in the proceedings until April 8 to finalize the settlement.
6. Pulsechain and HEX
A federal judge dismissed the SEC’s case against Pulsechain and HEX due to jurisdictional concerns, ruling the agency failed to show it had authority over the foreign-targeted project. The SEC has until April 21 to file an amended complaint.
Investigations Quietly Closed
In addition to court cases, the SEC has also closed multiple investigations into key players in the crypto and Web3 space, signaling a pullback on enforcement:
Immutable Labs – Investigation into the Web3 gaming company dropped.
Yuga Labs – SEC ends its probe into the creators of the Bored Ape Yacht Club NFTs.
Robinhood – The trading app was informed its investigation is closed.
OpenSea – The leading NFT marketplace confirmed closure of its SEC probe.
Uniswap Labs – No enforcement action will be taken following the investigation.
Gemini – The exchange co-founded by the Winklevoss twins is no longer under scrutiny.
Crypto.com – Investigation closed with no enforcement action; the platform is also set to partner with Trump Media for new crypto products.
HAWK Token – SEC dropped its investigation into Hailey Welch, whose meme token collapsed in value shortly after launch.
Ongoing and Paused Cases
Some cases are not yet fully dismissed but have been paused for reassessment:
Binance – The SEC’s case, involving alleged securities violations and user access concerns, is paused until April 14.
Tron Foundation – The SEC’s market manipulation and fraud case is paused until late April.
Unicoin – The only currently known ongoing SEC crypto investigation, though its CEO has requested closure.
Implications for Crypto Regulation
Legal analysts say this sudden regulatory shift reflects the broader political change in Washington. The Trump administration has generally taken a more laissez-faire stance toward emerging technologies, including digital assets. Under Uyeda’s leadership, the SEC appears to be reevaluating how it defines and enforces securities laws in the crypto space. “The SEC is essentially rebooting its playbook,” said a legal expert familiar with crypto litigation. “They’re backing away from aggressive enforcement in favor of a more cautious, perhaps more industry-friendly regulatory framework.”
Critics argue this could embolden bad actors, while supporters believe it may encourage innovation and clarity for legitimate businesses.
What’s Next?
With many enforcement actions dropped and ongoing cases paused, the SEC’s new crypto task force is expected to issue revised guidance or rulemaking in the coming months. Industry players are watching closely for clues about how the agency will now define digital assets under U.S. law.
For now, however, the crypto world has welcomed the wave of dismissed cases as a signal that a new chapter in regulation—and possibly reconciliation—has begun.