- The SEC has dropped lawsuits against six major crypto companies in February 2025, including Coinbase, Gemini, and Uniswap Labs.
- This regulatory retreat signals a dramatic shift in crypto policy under the Trump administration.
- Crypto industry donations to political causes, including over $70 million from Coinbase to the “Fairshake” super PAC, appear to be influencing the new regulatory climate.
The Securities and Exchange Commission (SEC) has abruptly terminated multiple crypto-related enforcement actions in February, marking a significant policy reversal under President Trump’s administration. The regulatory body has abandoned legal proceedings against six major cryptocurrency firms this month alone, signaling a dramatic shift in the government’s approach to digital asset oversight.
The wave of dismissals began with the SEC dropping investigations into Robinhood and OpenSea last week, followed by Uniswap Labs on Tuesday. Gemini, the cryptocurrency exchange owned by the Winklevoss twins, saw its investigation closed on Wednesday after nearly 700 days of legal scrutiny.
Cameron Winklevoss publicly celebrated the dismissal, demanding accountability from the SEC by stating that those responsible for the investigation should “be fired publicly.” He further argued that the regulator should reimburse Gemini threefold for its legal expenses.
The regulatory retreat continued as Joseph Lubin, founder of ConsenSys, revealed that the SEC had agreed to drop its lawsuit against the popular crypto wallet tool MetaMask. Perhaps most notably, the agency also dismissed its high-profile lawsuit against cryptocurrency exchange Coinbase yesterday.
Industry observers note that additional legal resolutions may be forthcoming. The SEC’s long-running litigation with blockchain company Ripple could potentially end in dismissal or settlement. Meanwhile, Justin Sun, founder of Tron, has jointly requested with the SEC that a court pause the 2023 wash trading case against him while they “explore a potential resolution.”
This regulatory about-face appears to correlate with the substantial financial backing crypto executives directed toward Trump’s campaign. Coinbase reportedly contributed more than $70 million to “Fairshake,” a pro-crypto super PAC. Other major industry players including UniSwap, Ripple, and Jump Crypto also donated to the organization, which now has $116 million reserved for the 2026 midterm elections.
In a more direct financial connection, Justin Sun purchased $75 million worth of crypto tokens from Trump’s World Liberty Financial last November, just 19 days after Trump secured his election victory.
The pattern of terminated legal actions provides compelling evidence that the Trump administration has fundamentally restructured the SEC’s approach to cryptocurrency regulation, implementing a significantly more permissive regulatory framework for the digital asset industry.
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