Under the leadership of the new Trump administration, the regulatory landscape of the U.S. cryptocurrency market is undergoing a historic transformation. The U.S. Securities and Exchange Commission (SEC), once known for its "enforcement regulation," is now shedding its past hostile policies under the leadership of pro-cryptocurrency Chairman Paul Atkins and long-time industry advocate Hester Peirce. The SEC has recently abandoned its battles with several top cryptocurrency companies, dismissing multiple high-profile cases. This not only marks a significant adjustment, reversal, and withdrawal of SEC policies but also signals the potential end of the "enforcement regulation" era for the cryptocurrency industry, opening a new chapter for compliant development.

I. SEC Chairman Paul Atkins: "Righting the Wrongs" of Cryptocurrency Projects

Since taking office, SEC Chairman Paul Atkins has quickly launched "Project Crypto," aimed at modernizing securities rules to allow financial markets to operate on blockchain. This new policy is in stark contrast to the regulatory suppression tone of the past few years, sending a strong signal to the entire industry: the on-chain era in the U.S. begins now.

Ripple Labs: The SEC and Ripple Labs officially abandoned their respective appeals in August, ending a four-year lawsuit and a landmark cryptocurrency case. This resolution breaks the longest-standing battle between regulators and cryptocurrency companies. Previously, the SEC had appealed against Ripple, but after the court dismissed it for the second time, Ripple announced it would drop the appeal in June and ultimately completed the appeal with the SEC in August, concluding the case. Ripple CEO Brad Garlinghouse called it "a victory for the SEC and a long-overdue surrender."

Binance: On May 29, the SEC submitted a document dismissing the lawsuit against Binance, which accused the cryptocurrency exchange, founder and former CEO Changpeng Zhao, and Binance.US of providing unregistered securities sales and other services. Both parties sought a joint stay or a 60-day pause in February to seek a resolution to the case, largely thanks to the SEC's newly established cryptocurrency working group.

Coinbase: The lawsuit against leading U.S. cryptocurrency exchange Coinbase was formally dismissed by the SEC in February. The lawsuit, filed in 2023, accused the platform of knowingly operating as an unregistered securities exchange, specifically mentioning tokens like Solana and Polygon. The SEC stated that this decision "was based on the judgment that dismissing the official would assist the commission in its ongoing reform and update of its regulatory approach to the cryptocurrency industry."

OpenSea: In February, the SEC announced that it had concluded its investigation into the NFT trading platform OpenSea, withdrawing accusations of operating as an unlicensed securities broker. OpenSea CEO Devin Finzer stated, "This is a victory for everyone creating and building in our space. Attempting to classify NFTs as securities would be a regression—misinterpreting the law and stifling innovation."

Robinhood Crypto: The SEC investigated Robinhood, but the agency took no action. Robinhood's Chief Legal, Compliance, and Corporate Affairs Officer Dan Gallagher stated, "We are pleased with the formal conclusion of this investigation and welcome the SEC's return to the rule of law, committed to fairness and justice."

Uniswap Labs: The creators of the Ethereum decentralized exchange Uniswap Labs stated in February that the SEC had concluded its investigation into the organization and had not brought any charges. The company's CEO Hayden Adams called it "a huge victory, not just for Uniswap Labs, but for the entire DeFi space."

Gemini Trust: A two-year investigation into Gemini Trust's unregistered securities sales concluded last week, with the commission taking no enforcement action. Gemini co-founder Cameron Winklevoss noted that despite this, the regulator caused his company "tens of millions of dollars in legal fees and hundreds of millions in lost productivity, creativity, and innovation."

Consensys: Consensys, the parent company of MetaMask and Linea, officially dismissed its lawsuit regarding the Staking feature in MetaMask on March 27. Consensys founder and CEO Joseph Lubin stated, "We are committed to fighting this lawsuit to the end, but we welcome this outcome. Now we can focus 100% on building. 2025 will be the best year for Ethereum and Consensys to date."

Kraken: On March 3, the centralized exchange Kraken stated that the commission agreed to withdraw its latest lawsuit against the company, pending commission approval. The lawsuit was "principally agreed" to be withdrawn by the regulator. Ultimately, the exchange stated, "We do not admit any wrongdoing, do not pay any fines, and do not change our business."

Yuga Labs: The creator of the Bored Ape Yacht Club, Yuga Labs, announced on March 3 that the SEC had concluded its investigation into the company. The company posted on X, "This is a huge victory for NFTs and all creators driving our ecosystem forward. NFTs are not securities."

Horizen Labs: On March 4, a representative from Horizen Labs confirmed that the SEC concluded its investigation into the company due to its association with the release of ApeCoin and recommended no enforcement action.

Cumberland DRW: On March 27, the case against market maker Cumberland was officially dismissed along with two other cryptocurrency cases. The company wrote in its initial announcement of the joint dismissal filing, "As a company firmly committed to the principles of integrity and transparency, we look forward to continuing our dialogue with the SEC to help shape a future where technological advancement and regulatory clarity go hand in hand."

Crypto.com: After receiving a Wells notice from the regulator, Crypto.com sued the SEC in October 2024. However, the commission has now concluded its investigation into the platform and will not take any enforcement action.

Immutable: After receiving a Wells notice in October 2024, the Ethereum-based gaming company announced on March 25 that the SEC had concluded its investigation into the company. Immutable posted on X, "This is a huge victory—not just for Web3 gaming, but for everyone who believes in digital ownership."

Hawk Tuah Girl: Haliey Welch, widely known as "Hawk Tuah" girl, told TMZ that the SEC's investigation into her meme coin scandal has now concluded.

Helium: The SEC dismissed the lawsuit against Nova Labs, the team behind the Solana-based decentralized wireless network Helium. Helium stated, "We can now clearly say that all compatible Helium hotspots and the HNT, IOT, and MOBILE tokens distributed through the Helium network are not securities."

PayPal: PayPal has faced nearly two years of scrutiny over its PYUSD stablecoin, but the SEC has not taken any action against the payment giant.

CyberKongz: The creators of the Ethereum NFT project CyberKongz stated that after nearly two years of communication with the project, the SEC has dropped its investigation into the project.

II. Case of Cryptocurrency Rule-Making: SEC's Policy Shift

Withdrawal of Appeal: On February 17, the SEC voluntarily withdrew an appeal case in which the agency previously attempted to extend securities laws to decentralized finance (DeFi) applications and users. A federal judge in Texas had previously ruled that the regulator's expanded definition was illegal, conflating DeFi traders with financial brokers, and subsequently proposed an appeal. The withdrawal of the appeal ensures that DeFi protocols do not need to register with the SEC as securities exchanges, which Kristin Smith, CEO of the Blockchain Association, called "a complete victory."

Clear Regulatory Guidance: SEC Chairman Paul Atkins has made it clear that standards for reclassifying crypto assets will be established, providing clear disclosure norms, exemption conditions, and safe harbor mechanisms for common on-chain economic activities such as airdrops, ICOs, and staking. The SEC will no longer default to "issuing tokens = securities," but will reasonably categorize them into different classes such as digital commodities (like Bitcoin), digital collectibles (like NFTs), stablecoins, or security tokens based on their economic attributes, providing appropriate legal pathways.

III. Cryptocurrency Policy under the Trump Administration: From "Enforcement Regulation" to "Regulatory Clarity"

Under the leadership of the new Trump administration, the SEC is moving away from what Peirce and others have called "enforcement regulation" and adopting a less hostile cryptocurrency policy.

Policy Shift: This represents a key turning point: project teams will no longer need to "pretend not to issue tokens," nor will they need to use foundation, DAO, or other circumvention structures to hide incentive mechanisms. They will no longer need to register projects in the Cayman Islands but can focus on code, with technology as the core driving force, receiving institutional positive recognition.

Industry Outlook: For a long time, the "Howey Test" has been the primary basis for the SEC to determine whether an asset constitutes a security. Due to the vagueness of this test and inconsistent enforcement standards, many projects in recent years preferred to sacrifice the U.S. market to avoid potential regulatory risks. Now, the U.S. is no longer a market that cryptocurrency entrepreneurs avoid but may once again become their first choice for token issuance and fundraising.

Conclusion:

Under the leadership of the Trump administration, the SEC has dismissed multiple significant cases against cryptocurrency companies at an unprecedented speed and scale, marking a historic shift in U.S. cryptocurrency regulatory policy from "enforcement regulation" to "regulatory clarity." This series of measures not only provides the cryptocurrency industry with significant breathing space and development opportunities but also indicates that the U.S. is likely to regain its status as a global center for crypto innovation.

Related: Driven by ETF and treasury trends, the Google search volume for "altcoins" has reached a new high since 2021.

Original article: “Trump Administration 'Righting the Wrongs': SEC's Major Retreat, Is the End of 'Enforcement Regulation' for Cryptocurrency Here?”

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