The Securities and Exchange Commission (SEC) is dropping crypto lawsuits like flies as its regulatory scope dramatically changes under Donald Trump’s new administration 

Indeed, it’s dropped legal action against six major crypto firms already this month.

This week, Consensys founder Joseph Lubin revealed that the SEC agreed to drop its lawsuit targeting the wallet tool MetaMask.

On Wednesday, the SEC closed its investigation into the Winklevi-owned crypto exchange Gemini. Cameron Winklevoss celebrated the dismissal and demanded that the individuals responsible for the legal action be fired publicly.  

On Monday, the SEC informed our litigation counsel @JackBaughman27 that it has closed its investigation into @Gemini and will not be pursuing an enforcement action against us. This comes 699 days after the start of their investigation and 277 days after they sent us a Wells… pic.twitter.com/dTjg9CJXVl

— Cameron Winklevoss (@cameron) February 26, 2025

Read more: Crypto hasn’t stopped dumping since Donald Trump’s inauguration

The regulator also dropped its investigations into Uniswap Labs on Tuesday and trading platform Robinhood and NFT marketplace OpenSea last week. Yesterday, it also dismissed its lawsuit against the crypto exchange Coinbase. 

There are also ongoing rumours that the SEC may also drop its lawsuit, or settle, with the blockchain firm Ripple. Tron founder Justin Sun and the SEC have also jointly requested that a court pause the SEC’s 2023 wash trading case against Sun as they “explore a potential resolution.”

Read more: The three most likely outcomes for SEC v. Ripple lawsuit

SEC is becoming friendly to crypto under Trump

Overall, the complete u-turn in crypto litigation is a clear sign that the Trump administration has overhauled the SEC and imposed relaxed crypto regulations.

It’s also an indicator that the large financial backing crypto execs directed towards Trump is paying off. Decrypt reports that Coinbase donated over $70 million to the pro-crypto super PAC “Fairshake.” The likes of UniSwap, Ripple, and Jump Crypto also donated to the super-PAC, which now has $116 million ready for the 2026 midterms.

Justin Sun more directly purchased $75 million worth of crypto tokens from Trump’s World Liberty Financial last November, 19 days after Trump was elected president.

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