The Biden administration’s crackdown on the cryptocurrency industry has largely come to an end, with regulators halting investigations and withdrawing or pausing lawsuits against top crypto companies and their executives.
Just over a month since President Trump’s inauguration, US regulators have almost entirely dismantled a years-long government crackdown on the crypto industry. This move marks a significant reversal for the Securities and Exchange Commission (SEC), which had been leading an enforcement campaign against top cryptocurrency firms.
The SEC has agreed to pause lawsuits against companies like Coinbase, Gemini, OpenSea, and Uniswap Labs, as well as drop its case against the largest crypto company in the US. The agency’s actions have sent a message that it is backing away from classifying nearly all digital coins as securities, a move that could subject them to stricter rules.
Critics argue that these moves undermine the SEC’s credibility and integrity, while also creating potential conflicts of interest with President Trump or his business partners. Some experts point out that the agency’s actions may benefit Trump or his allies, such as crypto entrepreneur Justin Sun, who is accused of manipulating cryptocurrency prices.
The reversal has been welcomed by some in the crypto industry, including Gemini co-founder Cameron Winklevoss, who described it as a “milestone” towards ending the “war on crypto.” However, others have expressed concerns about the lack of transparency and oversight in the industry.
Source: https://www.nytimes.com/2025/02/28/technology/crypto-sec-trump.html