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

The momentum has shifted successful the yearslong conflict betwixt apical crypto companies and protocols and the U.S. Securities and Exchange Commission nether the caller Trump administration. 

The regulator, which present has a crypto-friendly chairman successful Paul Atkins, a crypto task force led by longtime manufacture advocator Hester Peirce, and an understanding with the CFTC to enactment unneurotic connected manufacture regulation, is moving distant from what Pierce and others person called “regulation by enforcement” to little hostile engagements with crypto. 

Thus far, those words person rung existent with the SEC precocious backing distant from astir each of its fights with salient crypto firms and founders. Here are the SEC's biggest pivots, reversals, and exits truthful acold nether Trump.

Ripple

The SEC and Ripple Labs officially dropped their respective appeals past August, bringing to an extremity the four-year suit and landmark crypto case. 

The solution breaks the longest-standing conflict betwixt the regulator and a crypto firm, stemming backmost to 2021 allegations astir the unregistered merchantability of securities with XRP. In 2023, a partial ruling fell mostly successful favour of Ripple, but the SEC later appealed.

In aboriginal 2025, Ripple and the SEC agreed to jointly record requests to suspend their ineligible appeals, opting alternatively to “pursue a negotiated resolution” pending authoritative Commission approval. But that negotiated solution was slammed by SEC Commissioner Caroline Crenshaw and later denied by a U.S. territory judge. 

After a 2nd denial by the courts, Ripple said it would drop its cross-appeal successful June, yet finalizing the determination successful August alongside the SEC, ending the case.

When Ripple CEO Brad Garlinghouse first announced that the lawsuit against Ripple would beryllium ending pending Commission approval, helium called it “a triumph and [a] agelong overdue surrender from the SEC.”

Binance

The SEC submitted a filing connected May 29, 2025 to disregard its ongoing lawsuit against Binance, which alleged that the crypto exchange, laminitis and erstwhile CEO Changpeng "CZ" Zhao, and Binance.US offered the unregistered merchantability of securities and more.

The parties sought a associated stay, oregon a 60-day pause, successful February 2025 to question a solution to the case, mostly acknowledgment to the SEC’s recently established crypto task force, which some parties anticipated could “impact and facilitate the solution of the case.”

The speech has dealt with alleged securities, wealth laundering, and sanctions compliance issues since astatine slightest 2023, which led to 2 abstracted settlements for $4.3 billion and $2.7 billion, respectively. Zhao was aboriginal pardoned by President Trump successful October.

Crypto rulemaking case

On February 17, 2025, the SEC voluntarily dropped an appeal successful a lawsuit revolving astir the regulator's erstwhile attempts to widen securities laws to decentralized concern (DeFi) applications and users. 

The entreaty was made aft a national justice successful Texas called the regulator's expanded definitions unlawful, citing that it was conflating DeFi traders with fiscal brokers. 

The dropped entreaty ensures that DeFi protocols bash not request to registry with the SEC arsenic securities exchanges, starring the Blockchain Association CEO Kristin Smith to telephone it a “complete and full victory.”

Coinbase

Leading American crypto speech Coinbase had its lawsuit officially dismissed by the SEC successful February 2025.

The suit, which was filed successful 2023, alleged that the level knowingly operated arsenic an unregistered securities exchange, specifically calling retired tokens similar Solana and Polygon successful the process.

In its connection connected the move, the Commission said that the decision “rests connected its judgement that the dismissal volition facilitate the Commission’s ongoing efforts to betterment and renew its regulatory attack to the crypto industry.” 

Prior to authoritative approval, Coinbase Chief Legal Officer Paul Grewal said of the dismissal “there volition beryllium nary colony oregon compromise—a incorrect volition simply beryllium made right."

OpenSea

The SEC has ended its investigation into NFT marketplace OpenSea, the steadfast said successful February 2025, dropping charges that alleged it operated arsenic an unlicensed securities brokerage. The level indicated it received a Wells notice from the regulator successful August 2024, signaling the SEC would instrumentality enactment against it.

“This is simply a triumph for everyone who is creating and gathering successful our space,” said OpenSea CEO Devin Finzer. “Trying to classify NFTs arsenic securities would person been a measurement backward—one that misinterprets the instrumentality and slows innovation.” 

Robinhood Crypto

An SEC investigation into Robinhood—one which the level claims should ne'er person been opened—ended successful February 2025 with nary enactment taken by the regulator. 

“As we explained to the SEC, immoderate lawsuit against Robinhood Crypto would person failed,” said Robinhood's Chief Legal, Compliance and Corporate Affairs Officer Dan Gallagher. “We admit the ceremonial closing of this investigation, and we are blessed to spot a instrumentality to the regularisation of instrumentality and committedness to fairness astatine the SEC."

The steadfast was notified of a imaginable enforcement enactment successful May 2024 when it received a Wells announcement from the Gary Gensler-led SEC. 

Uniswap Labs

Uniswap Labs, the creator of Ethereum decentralized speech Uniswap, said successful February 2025 that the SEC has ended its investigation into the enactment without filing immoderate charges.

Like different starring crypto organizations, Uniswap Labs received a Wells notice successful April 2024 which alleged it operated arsenic an unregistered securities broker, exchange, and clearing agency, and that had enabled the merchantability of an unregistered security. 

With the probe said to beryllium over, each of the aforementioned claims person present been dropped, said its CEO Hayden Adams. 

“They went aft america contempt having nary wide ineligible basis, arsenic portion of a strategy of arbitrary enforcement to effort to unit DeFi into a regulatory model that doesn’t fit—all portion refusing to supply wide rules oregon a way to compliance,” he posted connected X. “This is simply a immense win, not conscionable for Uniswap Labs but for DeFi arsenic a whole.”

Gemini Trust

A two-year investigation into Gemini Trust astir the unregistered merchantability of securities ended successful February 2025 without an enforcement enactment from the Commission. 

Gemini co-founder Cameron Winklevoss noted the milestone, but said that it “does small to marque up for the harm this bureau has done to us, our industry, and America.”

Winklevoss estimated that the regulator outgo his steadfast “tens of millions successful ineligible fees and hundreds of millions successful mislaid productivity, creativity, and innovation."

On April 1, 2025, the SEC and Gemini besides mutually agreed to a 60-day stay implicit the $900 cardinal suit related to the firm’s lending program. That lawsuit was yet dismissed successful January 2026.

Justin Sun/Tron

Like Binance, Justin Sun and Tron filed a associated motion alongside the SEC to temporarily enactment the regulator's lawsuit successful the hopes of uncovering a solution successful February 2025. More than a twelvemonth later, it made a projected last judgement to resoluteness the case—opting to enact a $10 cardinal civilian penalty.

The connection inactive requires support from a national judge. Of the projected resolution, Sun said successful a connection that it “brings closure.” 

“I volition proceed to absorption connected accelerating innovation successful the U.S. and astir the satellite and look guardant to moving with the SEC to make guidance and regulations for crypto going forward,” helium added. 

The lawsuit stems backmost to 2023 erstwhile the SEC alleged that Sun made much than 600,000 lavation trades to make misleading Tron (TRX) volumes that led to astir $32 cardinal successful profits. The associated filing indicates a solution would beryllium beneficial connected relationship of “conserving judicial resources.” 

Industry observers accidental the SEC’s judgement whitethorn complicate securities instrumentality narratives it had antecedently ruled on.

Consensys

MetaMask and Linea genitor company, Consensys, had its case—which focused connected staking features wrong MetaMask—dismissed connected March 27, 2025.

“We were committed to warring this suit until the bitter extremity but invited this outcome,” said Consensys laminitis and CEO Joseph Lubin on X erstwhile it was expected the Commission would driblet the case. “Now we tin get 100% backmost to building. 2025 is going to beryllium the champion twelvemonth yet for Ethereum and Consensys.”

(Disclosure: Consensys is one of 22 investors successful an editorially autarkic Decrypt.)

Kraken

The Commission agreed to driblet its latest suit into the American centralized speech Kraken, the steadfast said connected March 3, pending commissioner approval. That support came connected March 27, 2025, officially dropping the case.

The SEC primitively alleged that the steadfast violated securities laws with its staking-as-a-service system. That suit was settled successful February 2023, with Kraken agreeing to wage a $30 cardinal fine.

But the regulator sued the level again successful November 2023, alleging it was operating arsenic an unregistered securities exchange, dealer, and broker. That suit is the 1 that it “agreed successful principle” to drop.

In conclusion, the speech indicated determination is “no admittance of wrongdoing, nary penalties paid, and nary changes to our business.”

Yuga Labs

Bored Ape Yacht Club creator Yuga Labs announced connected March 3, 2025 that the SEC closed its investigation into the company.

The probe had been ongoing since 2022, with the regulator scrutinizing the company’s NFT offerings, arsenic good arsenic the ApeCoin token launch. The Ethereum token’s instauration was officially created to the “ApeCoin DAO.”

“This is simply a immense triumph for NFTs and each creators pushing our ecosystem forward,” the institution posted connected X. “NFTs are not securities.”

Horizen Labs

A typical for Horizen Labs confirmed to Decrypt connected March 4, 2025 that an probe into the company—due to its affiliation with the ApeCoin launch—was ended by the SEC with a proposal of nary enforcement action.

“I tin accidental personally however overmuch of a value disconnected our shoulders this is for those who conscionable privation to physique and ever effort to bash the close thing,” CEO Rob Viglione said. “Horizen Labs could person gone offshore, similar galore did, but we chose to enactment successful the U.S. contempt the warfare connected crypto.”

Cumberland DRW

Market shaper Cumberland’s lawsuit was officially dropped alongside a brace of different crypto cases connected March 27, 2025. The Commission brought a suit against the steadfast successful October 2024, alleging it acted arsenic an unregistered trader of securities.

“As a steadfast profoundly committed to the principles of integrity and transparency, we look guardant to continuing our dialog with the SEC to assistance signifier a aboriginal wherever technological advancements and regulatory clarity spell hand-in-hand,” it posted connected X erstwhile it archetypal announced the associated filing to driblet the case.

Crypto.com

Crypto.com sued the SEC successful October 2024 aft it received a Wells announcement from the regulator implicit imaginable securities violations.

But present the Commission has ended its probe into the level and volition record nary enforcement action.

“We are pleased that the existent SEC enactment has made the determination to adjacent its probe into Crypto.com with nary enforcement enactment oregon settlement,” said Nick Lundgren, Chief Legal Officer of Crypto.com in a statement. “Compliance and integrity are halfway to Crypto.com’s concern and we are excited to enactment with soon-to-be-confirmed Chair Atkins and the remainder of the Commission connected our long-awaited tendency for authorities and rulemaking.”

Immutable

After receiving a Wells notice successful October 2024, the Ethereum-based gaming institution announced connected March 25, 2025 that the SEC had concluded its probe into the firm.

The probe centered connected imaginable securities violations surrounding the merchantability of IMX tokens successful 2021 successful which Immutable raised astatine slightest $12.5 million.

“That enquiry is present officially closed, with zero findings of wrongdoing, and the SEC is taking nary action,” Immutable posted connected X. “This is simply a immense triumph - not conscionable for Web3 gaming, but everyone who believes successful integer ownership rights.”

Hawk Tuah Girl

Haliey Welch, amended known arsenic the "Hawk Tuah" girl, told TMZ that the SEC’s investigation into her meme coin debacle is present over.

“For the past fewer months, I've been cooperating with each the authorities and attorneys, and finally, that enactment is complete,” Welch told the outlet.

In December 2024, the net personage launched a Solana meme coin—HAWK—which went horribly wrong, starring to allegations of a rug propulsion arsenic the token's terms collapsed precise rapidly aft launch. The squad down the token denied immoderate wrongdoing.

Helium

The SEC dismissed its suit against Nova Labs, the squad down Helium, a Solana-based decentralized wireless connectivity network.

“We tin present definitively accidental that each compatible Helium Hotspots and the organisation of HNT, IOT, and MOBILE tokens done the Helium Network are not securities,” Helium wrote.

The suit against the steadfast was among Gary Gensler’s last acts successful powerfulness portion starring the Commission, dropping connected January 20, 2025 right earlier the medication shift to President Donald Trump. Nova Labs agreed to wage a $200,000 good to settee portion of the suit related to claims that Helium misled investors with claims implicit companies it said was utilizing the network.

PayPal

PayPal faced astir 2 years of scrutiny implicit its PYUSD stablecoin, but the SEC took nary enactment against the payments giant.

The regulator archetypal sent the company a subpoena successful November 2023 seeking documents related to PYUSD, though circumstantial details were not made public.

But successful February, the SEC decided it would extremity the investigation, according to an April 2025 filing from PayPal.

CyberKongz

The SEC dropped an investigation into Ethereum NFT task CyberKongz aft astir 2 years of connection with the project, the creators said.

The task said it received a Wells announcement from the regulator successful December 2024, an denotation that it whitethorn person enforcement taken against it. However, the investigation, which centered connected the project’s BANANA token and its gaming declaration migration successful 2021, ended with nary action.

“After years of litigation, unjust allegations, crippling ineligible fees, and the biggest hurdle we could perchance encounter—we are free,” the project posted connected X.

Aave

The SEC concluded its four-year probe into decentralized crypto lending protocol Aave with nary volition to urge enforcement, the steadfast announced successful December 2025.

Details connected the probe were not provided, but the steadfast was 1 of aggregate DeFi protocols that drew scrutiny from the Commission implicit the years, lone to spot investigations extremity arsenic a much crypto-friendly regulatory assemblage took signifier nether President Trump. 

“This process demanded important effort and resources from our team, and from maine personally arsenic the founder, to support Aave, its ecosystem, and DeFi much broadly,” Stani Kulechov, CEO and laminitis of Aave,” said connected X

“DeFi has faced unfair regulatory unit successful caller years. We’re gladsome to enactment this down america arsenic we participate a caller epoch wherever developers tin genuinely physique the aboriginal of finance. DeFi volition win,” helium continued.

Ondo Finance

Tokenization steadfast Ondo Finance received announcement that the SEC had ended a confidential, multi-year probe into the steadfast successful December 2025. 

The probe scrutinized whether oregon not the firm’s tokenization of real-world assets complied with national securities laws, and whether the ONDO token was a security. 

“Being early, and being successful, came with scrutiny,” the steadfast wrote successful a statement. 

“Ondo’s maturation and enactment successful the emerging tokenization class made america a focus, but not a justified target. With the probe concluded, we determination guardant arsenic we ever have, with beardown commitments to innovation, compliance, security, and capitalist protection.”

BitClout

The SEC ended its case against erstwhile Google technologist and BitClout laminitis Nader Al-Naji successful March 2026 aft a “reassessment of the evidentiary record.” 

The lawsuit ended 1 twelvemonth aft the DOJ besides dropped its case against Al-Naji, which alleged helium “lied to get entree to millions of dollars, past gave the wealth distant to household and friends.”

The decentralized societal media level laminitis was charged with fraud by the SEC, alleging helium raised much than $257 cardinal via unregistered securities and the merchantability of the BitClout token. 

The ailment besides alleged that helium allegedly claimed the BitClout level was decentralized and autonomous, adjacent though Al-Naji was moving the operation.

Editor's note: This communicative was primitively published connected March 2, 2025 and past updated with caller details connected March 18, 2026.