Since U.S. President Donald Trump took office, the Securities and Exchange Commission (SEC) has significantly adjusted its approach to crypto-related lawsuits, either dropping, settling, or pausing cases involving major crypto entities. This marked a notable departure from the previous administration’s stringent regulatory stance under former SEC Chair Gary Gensler.

In an interview with BeInCrypto, Nick Puckrin, founder of The Coin Bureau, and Hank Huang, CEO of Kronos Research, pointed out that the crypto industry's influence on Trump’s candidacy played a crucial role in the SEC’s more lenient stance toward cryptocurrencies. They noted that this shift has been particularly evident during Trump’s presidency, as the SEC moved away from the aggressive enforcement tactics of its predecessor.

Two weeks prior, the SEC officially terminated its appeal and lawsuit against Ripple Labs concerning the XRP token, concluding a five-year legal battle. The SEC had initially alleged that Ripple conducted an unregistered securities offering worth $1.3 billion through XRP sales. The resolution of this case was widely celebrated within the broader crypto community, with many suggesting it could set a significant precedent for the classification of digital assets in the U.S.

This trend of dismissing lawsuits continued as the SEC also dropped its legal proceedings against Coinbase, which similarly focused on whether certain digital assets should be categorized as securities. Additionally, the SEC halted several ongoing investigations involving OpenSea, Robinhood, Uniswap Labs, Kraken, and Gemini. Furthermore, it requested a 60-day pause on litigation against Binance, while settling its inquiry into ConsenSys regarding its Ethereum software products.

These developments coincided with a series of crypto-friendly policies during the Biden administration aimed at encouraging innovation and preventing excessive regulatory constraints. On the very first day of Trump’s presidency, SEC Acting Chairman Mark Uyeda announced the establishment of a dedicated crypto task force led by Commissioner Hester Peirce. This initiative was intended to address longstanding uncertainties in the regulatory landscape for digital assets.

Throughout all SEC crypto-related lawsuits, Commissioner Uyeda adopted a strategy emphasizing industry engagement to craft regulatory frameworks that strike a balance between fostering innovation and protecting investors. Concurrently, Trump nominated Paul Atkins, a candidate known for his relatively hands-off approach to regulation, to succeed Gensler as SEC chair. Recently, the Senate Banking Committee advanced Atkins’ nomination to the full Senate, positioning him close to assuming the role of SEC chair, where he is anticipated to further relax regulatory oversight of the crypto sector.

While some argue that Trump’s handling of crypto matters represents a groundbreaking achievement, others express concerns that his growing involvement in the industry might lead to unforeseen challenges. Several industry leaders made significant efforts to ensure Trump’s election as the 47th U.S. president, with crypto firms donating millions of dollars during his campaign. According to a Public Citizen report, over $119 million from crypto companies was channeled into influencing the 2024 federal elections, primarily via Fairshake, a nonpartisan super PAC supporting pro-crypto candidates and opposing skeptics.

Notable contributors to Fairshake included Coinbase and Ripple, which collectively provided over half of its funding. Additional support came from billionaire crypto executives and venture capitalists, such as $44 million from the founders of Andreessen Horowitz, $5 million from the Winklevoss twins, and $1 million from Coinbase CEO Brian Armstrong. Thus far, this investment strategy appears to be yielding positive results, creating a more accommodating regulatory environment.

However, without a clear regulatory framework to guide the crypto industry following these dismissals, this relaxed approach carries the risk of being short-lived. Over time, this could potentially undermine long-term adoption of cryptocurrencies. Puckrin emphasized that the lack of regulations has facilitated the rise of high-profile meme coin scams, citing a 2024 report by Web3 intelligence platform Merkle Science indicating that such scams cost investors over $500 million. The February LIBRA incident further demonstrated this trend extending into 2025, with Nansen data revealing that 86% of investors lost $251 million, while insiders profited $180 million.

Despite the legality of activities like rug pulling, which involves fraudulent practices, no existing regulation holds crypto insiders accountable for these scams. If the SEC fails to seize this opportunity to mitigate the adverse effects of such scams, it could severely impede the industry’s progress.

Puckrin underscored the necessity for enhanced regulatory clarity in crypto by highlighting how the SEC penalizes insider trading in traditional finance. He clarified that the problem extends beyond merely punishing fraudsters; the absence of regulations governing meme coins has created fertile ground for new scams and exploitative schemes to thrive.

Although the Trump administration has only been in power for a brief period, meaningful regulatory reform requires time. Puckrin expressed apprehension about the current administration’s focus on dismissing lawsuits rather than expediting the implementation of transformative crypto regulations.

Meanwhile, critical questions requiring the SEC’s clarification remain unresolved. The SEC’s current trajectory presents both the potential for a well-regulated crypto ecosystem and the risk of sowing seeds for future crises. With billions already lost and pivotal issues still unanswered, the future of crypto depends on whether the regulatory body can transform its recent shifts into enduring frameworks that encourage innovation while safeguarding investor interests.

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