SEC Drops Crypto Cases Amid Credibility Concerns

Mark Uyeda, former acting chair of the US Securities and Exchange Commission (SEC), revealed that the agency dropped civil cases against cryptocurrency companies in early 2025. The move was made to avoid credibility issues in court as the SEC prepared a '180-degree change' in rulemaking.

According to Uyeda, the SEC had concerns about the justifiability of cases filed under the previous administration, particularly those involving Kraken, Ripple Labs, Coinbase, and others. He cited the need for consistency in the agency's interpretation of laws and regulations.

'I'm not about to have our litigators stand up in court and have a commission interpretation be issued that is a 180-degree change from what they'd been arguing for that court,' Uyeda said. 'I think that hurts [our] credibility as an agency.'