2025 is shaping up to be a landmark year for crypto legal reform.
The U.S. Securities and Exchange Commission (SEC) has reversed course on its aggressive crypto enforcement stance, dropping or pausing multiple lawsuits that had loomed over the industry for years. This dramatic policy shift follows the appointment of Paul Atkins as SEC Chair, alongside support from Commissioners Hester Peirce and Mark Uyeda, under the Trump administration’s crypto-friendly agenda.
Here’s a look at every major crypto case dropped in 2025 and what lies ahead.
⚖️ Biggest Cases the SEC Dropped in 2025
📌 Binance
The SEC officially dismissed its two-year legal battle with Binance in May. Originally accused of securities violations, the case was paused in February and now dismissed with prejudice—it cannot be refiled.
📌 Coinbase
In February, Coinbase CEO Brian Armstrong confirmed that the SEC had dropped its high-stakes lawsuit. This reversal came just months after the exchange was accused of offering unregistered securities and acting as an unlicensed broker.
📌 Ripple
A settlement was reached after nearly four years. Ripple will pay $50M of a $125M fine, and the SEC will lift the injunction. This ends a historic case that shaped how XRP and similar tokens are treated under U.S. law.
📌 Crypto.com
After receiving a Wells Notice in late 2024, Crypto.com now stands as the only major global exchange never sued by the SEC, with the case fully dropped in March.
📌 Kraken
In March, the SEC agreed to dismiss its case against Kraken—no admission of wrongdoing, no penalties, no operational changes. A big win for centralized exchanges.
📌 Robinhood
Also in February, Robinhood emerged clean from SEC scrutiny. Its crypto operations were under investigation, but no enforcement followed.
📌 Consensys
SEC dropped its case involving MetaMask and Ethereum staking in late February, clearing one of the biggest names in Web3.
📌 Gemini
Gemini’s legal dispute over its Earn program was closed in February with no enforcement. Co-founder Cameron Winklevoss called it the end of the SEC’s “war on crypto.”
📌 Uniswap
Uniswap Labs escaped charges after a year-long probe. This is seen as a massive win for DeFi, potentially setting a regulatory precedent.
📌 Immutable
The SEC backed off from its IMX token investigation. Immutable’s legal clarity is now seen as a boost for Web3 gaming.
📌 Yuga Labs
After a 3-year probe into its NFT offerings, the SEC closed its case against Yuga Labs, signaling a shift away from classifying NFTs as securities.
📌 OpenSea
NFT marketplace OpenSea also saw its case dropped. Founders called it a major victory for digital creators and NFT entrepreneurs.
📌 Justin Sun & Tron
Legal proceedings were halted as of February, with rumors of a settlement in the works.
🚨 What’s Driving This?
The sudden about-face comes on the heels of Trump’s executive order banning a CBDC, forming a crypto task force, and giving agencies 60 days to review or repeal existing rules.
The SEC’s enforcement shift is one of the most profound regulatory moves in the history of U.S. crypto oversight—and more reversals may be on the way.
🧭 What Comes Next?
With these cases closed, crypto firms are pushing for clear, innovation-friendly rules. But questions still loom over future classification of digital assets, staking, DeFi protocols, and NFTs.
As 2025 unfolds, all eyes will remain on how Congress and regulators codify a long-term crypto framework.
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