The financial regulator dropped several cases against crypto companies in 2025, and is reportedly “no longer actively pursuing a single case against a firm with known Trump ties.”
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The US Securities and Exchange Commission has dismissed cryptocurrency cases under the Trump administration at a significantly higher rate than those involving other aspects of securities laws.
According to a Sunday from The New York Times, since US President Donald Trump took office in January, the SEC has paused, dropped investigations related to or dismissed about 60% of cases involving companies and projects in the cryptocurrency industry. The report cited high-profile cases, including the SEC’s lawsuits against Ripple Labs and Binance, adding that the financial regulator was “no longer actively pursuing a single case against a firm with known Trump ties.”
The SEC told The New York Times that political favoritism had “nothing to do” with its crypto enforcement strategy, and the shift to dismiss investigations and cases was for legal and policy reasons. The news outlet also noted that it had found no evidence suggesting that Trump had pressured the agency to drop investigations or cases.
“[T]he idea that the regulatory pivot on crypto over the last year is somehow because of the president’s personal interest, and not because the prior regulatory posture was absolutely insane,” Alex Thorn, head of firmwide research at Galaxy Digital, in response to The New York Times report. ”[It] is dishonest framing that ignores 4 years of direct attacks by the actual partisans.”
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Trump family entities have significantly expanded their involvement in the digital asset industry in 2025, with entities linked to the president or his family participating in several cryptocurrency-related projects, including World Liberty Financial, Trump’s memecoin, Official Trump () and the president’s sons’ Bitcoin () mining venture, American Bitcoin.
Though the SEC’s Paul Atkins will likely remain chair of the commission for years, the agency is set to lose the final Democratic member on its leadership after her term expired in 2024.
In January, Caroline Crenshaw is expected to depart the SEC, having served 18 months beyond the expiration of her initial term. At the time of publication, Trump had not announced any potential replacements for Crenshaw or for the other empty Democratic seat at the regulatory agency.
In contrast to Atkins and other Republican commissioners, Crenshaw has been publicly critical of the agency’s approach to digital assets under the Trump administration. In one of her final public appearances as the agency’s commissioner last week, Crenshaw on crypto could ”lead to more significant market contagion.”
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