SEC Ditches Crypto Cases Amid Credibility Concerns

SEC Commissioner Mark Uyeda explained that the agency dropped several high-profile crypto cases in early 2025, including those against Kraken, Ripple Labs, and Coinbase. Uyeda served as acting chair of the SEC from January to April 2025, and during this time, he stated that the agency was preparing a '180-degree change' in its approach to crypto rules.

Uyeda cited concerns about the credibility of the agency's litigators, who would be arguing positions in court that contradicted the commission's planned new policies. He also expressed reservations about whether the cases against crypto companies were justified under the law.

The decision to drop the cases has been met with criticism from some quarters, with some suggesting that it was payback for the crypto industry's support of Donald Trump's 2024 campaign. Gensler resigned as SEC chair on January 20, 2025, after Trump took office, and Uyeda stated that the agency was preparing a '180-degree change' in its approach to crypto rules.