How the SEC is Handling Crypto Cases 12 Months Into Trump's Presidency
Since Donald Trump’s return to office, the U.S. Securities and Exchange Commission (SEC) has significantly reduced crypto enforcement actions. The SEC has dropped or closed investigations involving at least 17 firms—including Gemini, Coinbase, Binance, Ripple, Kraken, and others—primarily over staking products, token listings, or wallet infrastructure. No penalties were imposed in these cases. Most notably, the SEC dismissed its lawsuit against Gemini over its Earn program after investors were made whole and resolved a separate probe into Gemini without enforcement. Under SEC Chair Paul Atkins, the agency has shifted from a broad crackdown to a more selective, risk-based enforcement strategy, focusing only on cases with clear harm or unresolved risk. Industry experts attribute this shift to regulatory recalibration, aiming for legal certainty and economic competitiveness rather than pursuing high-profile cases. The change in approach aligns with the passage of the GENIUS Act, which clarified U.S. crypto laws and replaced years of regulatory uncertainty with clearer guidelines. The SEC stresses it is exercising more discretion, not rewriting underlying securities laws.
