John Reed Stark, former chief of the U.S. Securities and Exchange Commission’s (SEC) Office of Internet Enforcement, declared on social media platform X on Feb. 17 that the SEC’s crypto enforcement efforts have effectively collapsed.

Stark, who spent over two decades at the SEC and has been an outspoken critic of the cryptocurrency industry, pointed to the agency’s recent legal maneuvers in cases against Coinbase and Binance as clear signs of a broader retreat. He predicted that Ripple’s ongoing legal battle with the SEC would face the same fate. The former SEC internet enforcement chief wrote:

Expect the SEC to similarly ‘pause’ the Ripple appeal soon. The writing is now on the wall: SEC crypto-enforcement has officially expired.

The SEC’s recent legal filings reflect this change in strategy. On Friday, the agency told the Second Circuit that its newly formed Crypto Task Force could facilitate a resolution in its case against Coinbase, leading to a brief delay in responding to Coinbase’s appellate petition. Stark dismissed this move as a quiet concession by the SEC, writing: “Translation: Stick a fork in the SEC’s case against Coinbase, it’s done.” Similarly, last week, the SEC and Binance jointly requested a two-month pause in their ongoing enforcement case, citing a shift in regulatory approach.

Stark also pointed to internal SEC restructuring, noting that a key trial attorney responsible for major victories in crypto enforcement was abruptly reassigned. “Yes, you read that right, one day he was killing it as the chief of a national legion of SEC trial lawyers … and the next day he was put out to pasture — to fix printers.” He also highlighted that “The crypto-cases are now being led by a legal team from SEC’s headquarters in Washington, D.C., where they are undoubtedly now quarterbacked by the acting SEC Chair.”

Stark outlined his expectations for the SEC’s next steps, predicting a sweeping halt to all remaining crypto enforcement efforts. He detailed:

SEC crypto-related investigations. Expect all informal and formal SEC crypto-related investigations to grind to a screeching halt.

He also predicted changes in “SEC crypto-related litigation,” stating: “Expect the SEC to direct the SEC trial unit to pause all crypto-related litigation or, alternatively, to settle or dismiss all SEC crypto-related cases expeditiously in highly favorable terms to the crypto-defendants.”

Ripple’s case, in particular, may soon be abandoned. “SEC Crypto-Related Appeals. Expect all crypto-related appeals, including the appeal of the Ripple matter, to pause or even more likely, to be fully withdrawn,” Stark opined. In his final remarks, the former SEC official dismissed the SEC’s ability to enforce crypto regulations, stating: “The Stark Reality. Despite the litany of powerful judicial precedent finding that digital assets are securities, those decisions are all moot for now. And regardless of how the SEC Acting Chair or the new SEC Chair labels or spins the Binance, Coinbase (and soon-to-be Ripple) ‘pausing,’ the SEC crypto-enforcement is as dead as Julius Caesar. RIP.”

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