The U.S. Securities and Exchange Commission (SEC) has been scaling back the past administration’s aggressive crypto enforcement, signaling a major shift under the new administration. Since President Donald Trump took office last month, the agency has dismissed several high-profile lawsuits and abandoned investigations that once loomed over the industry. Among the most notable reversals, the SEC has dropped its lawsuit against Coinbase, which was accused of operating as an unregistered securities platform. Robinhood’s crypto division is also no longer under scrutiny, OpenSea faces no legal challenges, and the SEC has dismissed its case against Consensys, the company behind MetaMask. Additionally, the regulator recently withdrew its investigation into Gemini, reinforcing the broader retreat from crypto enforcement. This wave of dismissals fueled speculation that Ripple would be next . The lawsuit, which has dragged on since 2020, has now concluded in favor of the blockchain company. Earlier this week, legal expert Fred Rispoli questioned why the SEC was still pursuing the case while others, including Coinbase, have been dropped. “I don’t know why SEC v. Ripple is still going considering other major cases, especially Coinbase, have been dropped… The case is over regardless, either now or in a few months,” Rispoli stated . He speculated that the SEC’s hesitation stemmed from the $125 million judgment tied to the case. According to Rispoli, Commissioners Uyeda and Peirce may be reluctant to take responsibility for modifying such a substantial sum. “Not a great excuse—it shows cowardice—but it does make some sense,” he added. “The case is over regardless, either now or in a few months.” Elsewhere, former SEC Chief of the Office of Internet Enforcement John Reed Stark echoed this sentiment, emphasizing the collapse of the SEC’s crypto-enforcement program. “So, this is how the SEC dies. The rapid-fire demolition of the SEC crypto-enforcement program continues… Dropping of the SEC’s Ripple appeal next up for sure,” he tweeted . Stark also noted that the SEC’s regulatory actions have halted mainly under the new administration, emphasizing that Ripple’s appeal was likely to end soon. “ The SEC’s frantic and unprecedented rampage to dismantle its crypto-enforcement program continues: This time, halting two SEC appeals dead in their tracks. Buckle up XRP Army, the Ripple appeal has got to be next on the SEC chopping block.” Pro-Ripple lawyer Jeremy Hogan had also expressed optimism, suggesting that the case could be resolved by May. That said, with Acting SEC Chair Mark Uyeda at the helm, experts are optimistic that the regulator’s pullback from aggressive enforcement will persist, ultimately paving the way for the “Large One.”
