SEC Dropped Crypto Cases Over Credibility Fears
Former SEC acting chair Mark Uyeda has revealed that the agency dropped civil cases against cryptocurrency companies in early 2025 to avoid issues with credibility. The move came as the agency was preparing a '180-degree change' in rulemaking, according to Uyeda.
The cases involved prominent crypto firms such as Kraken, Ripple Labs, and Coinbase, which had been filed under the previous administration. However, Uyeda argued that the agency could not have its litigators argue positions in court contrary to its planned policy changes without hurting its credibility.
Uyeda served as acting SEC chair from January to April 2025 and currently serves alongside Commissioner Paul Atkins and Commissioner Hester Peirce. With Peirce's departure expected in November, the agency will have only two of its five members on its leadership panel.