Overview
- An analysis cited by multiple outlets says the SEC pulled back on about 60% of 23 ongoing crypto cases in 2025 through dismissals, pauses, or concessions, while non-crypto enforcement stayed robust.
- No new crypto enforcement actions were filed under the current term, a reversal from the Biden era when the SEC averaged more than two crypto cases per month.
- Several eased matters involved companies with political or business links to President Trump or his family, though the reporting found no evidence of direct pressure or quid pro quo.
- Courts and insiders showed resistance to the pivot, with a judge questioning a reduced Ripple penalty and reports of SEC enforcement leaders urging continued pursuit as some senior officials disengaged.
- The SEC and White House reject claims of favoritism, while industry voices such as Coinbase’s Paul Grewal and analysts argue the pullback reflects a move away from “regulation by enforcement.”