SEC ’eased up on’ 60% of crypto enforcement cases under Trump: Report

cointelegraphPublished on 2025-12-15Last updated on 2025-12-15

Abstract

Under the Trump administration, the SEC has reportedly dismissed or dropped approximately 60% of its cryptocurrency-related enforcement cases, a significantly higher rate than for other securities law violations. The New York Times report highlighted high-profile cases like those against Ripple and Binance, noting the agency is no longer actively pursuing cases against firms with Trump ties. The SEC denied political influence, attributing the shift to legal and policy reasons. Trump-linked entities have expanded their crypto involvement, including memecoins and mining ventures. Meanwhile, the last Democratic commissioner, Caroline Crenshaw, is set to leave, having criticized the administration's softer crypto stance.

The US Securities and Exchange Commission has dismissed cryptocurrency cases under the Trump administration at a significantly higher rate than those involving other aspects of securities laws.

According to a Sunday report from The New York Times, since US President Donald Trump took office in January, the SEC has paused, dropped investigations related to or dismissed about 60% of cases involving companies and projects in the cryptocurrency industry. The report cited high-profile cases, including the SEC’s lawsuits against Ripple Labs and Binance, adding that the financial regulator was “no longer actively pursuing a single case against a firm with known Trump ties.”

The SEC told The New York Times that political favoritism had “nothing to do” with its crypto enforcement strategy, and the shift to dismiss investigations and cases was for legal and policy reasons. The news outlet also noted that it had found no evidence suggesting that Trump had pressured the agency to drop investigations or cases.

“[T]he idea that the regulatory pivot on crypto over the last year is somehow because of the president’s personal interest, and not because the prior regulatory posture was absolutely insane,” said Alex Thorn, head of firmwide research at Galaxy Digital, in response to The New York Times report. ”[It] is dishonest framing that ignores 4 years of direct attacks by the actual partisans.”

Related: US SEC’s Crenshaw takes aim at crypto in final weeks at agency

Trump family entities have significantly expanded their involvement in the digital asset industry in 2025, with entities linked to the president or his family participating in several cryptocurrency-related projects, including World Liberty Financial, Trump’s memecoin, Official Trump (TRUMP) and the president’s sons’ Bitcoin (BTC) mining venture, American Bitcoin.

Remaining Democratic SEC commissioner set to leave agency in weeks

Though the SEC’s Paul Atkins will likely remain chair of the commission for years, the agency is set to lose the final Democratic member on its leadership after her term expired in 2024.

In January, Caroline Crenshaw is expected to depart the SEC, having served 18 months beyond the expiration of her initial term. At the time of publication, Trump had not announced any potential replacements for Crenshaw or for the other empty Democratic seat at the regulatory agency.

In contrast to Atkins and other Republican commissioners, Crenshaw has been publicly critical of the agency’s approach to digital assets under the Trump administration. In one of her final public appearances as the agency's commissioner last week, Crenshaw said loosening regulations on crypto could ”lead to more significant market contagion.”

Magazine: When privacy and AML laws conflict: Crypto projects’ impossible choice

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