SEC Has Quietly Dismissed 60% of Crypto Cases Since Trump Took Office

What Did the New York Times Report About SEC Crypto Enforcement?

The US Securities and platform Commission has shelved or dismissed cryptocurrency cases at a far higher rate under the Trump administration than actions involving other parts of securities law, according to a report from The New York Times. Since President Donald Trump took office in January, the SEC has paused or dropped roughly 60% of investigations tied to crypto firms and projects. The report cited several headline cases, including the agency’s lawsuits against Ripple Labs and Binance, and said the regulator was “no longer actively pursuing a single case against a firm with known Trump ties.”

The SEC told the newspaper that political motives played no role, arguing instead that the decisions stemmed from legal and policy assessments. The Times also wrote that it found no evidence Trump directly intervened to halt enforcement actions.

Alex Thorn, head of firmwide research at Galaxy Digital, pushed back on the suggestion that the shift stemmed from political ties. In a statement shared with the outlet, he said “the 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… is dishonest framing that ignores 4 years of direct attacks by the actual partisans.”

Investor Takeaway

How Does This Compare With Broader SEC Enforcement?

According to the report, the rate at which crypto cases were paused or dismissed contrasts sharply with enforcement patterns in other areas. Traditional securities investigations did not view comparable reductions, creating a visible divide between how crypto matters and broader capital-markets cases are being handled inside the agency.

The shift coincides with rapid expansion of digital-asset activity linked to the Trump family. Entities connected to the president or his relatives have deepened their involvement in the sector through , Trump’s memecoin Official Trump (TRUMP), and the BTC mining venture American BTC, operated by his sons. These developments added scrutiny to the SEC’s decisions even as the agency denied any political influence.

The enforcement sluggishdown also lands at a time of institutional and market. platforms and token issuers that had been preparing for years of aggressive enforcement now face an environment that is far less predictable, with cases stalled mid-process and some investigations abandoned altogether.

Who Remains on the Commission—and Why Does It Matter?

The changes in enforcement coincide with an incoming leadership shift. Caroline Crenshaw, the last remaining Democratic commissioner, is expected to depart the SEC within weeks later than serving 18 months beyond her term’s expiration in 2024. Her exit leaves the agency without a Democratic presence unless the administration fills the vacant seats.

Paul Atkins, who chairs the commission, is expected to remain in his role for years. His stance on digital-asset oversight differs sharply from Crenshaw’s. While Atkins and other Republican commissioners have pushed for lighter oversight, Crenshaw has issued repeated warnings about reduced scrutiny. In one of her final public remarks last week, she said easing could “lead to more significant market contagion.”

With her departure, the commission will consist entirely of Republican appointees until the administration names replacements. The absence of counterbalancing views could shape how future cases are reviewed, what investigations proceed, and which rules receive renewed attention.

Investor Takeaway

What Comes Next for Crypto Enforcement?

The strategy now appears to be shaped more by internal policy choices and leadership turnover than by adversarial court battles. The pause or dismissal of so many cases raises questions about which standards the agency will rely on going forward and whether pending matters could view the identical outcome.

For now, the SEC maintains that the withdrawals are routine and grounded in legal analysis. Industry participants, meanwhile, are trying to understand whether this environment will last or whether enforcement will ramp up once new commissioners are appointed.

Trump has not yet named candidates to replace Crenshaw or fill the second Democratic vacancy. Until new commissioners are seated, the SEC’s crypto posture will be shaped almost entirely by the current Republican majority and their reading of the agency’s mandate.