Original | Odaily Planet Daily (@OdailyChina)
Although the recent crypto market has shown a downward trend, with Bitcoin dropping over 10% in the past week and its market value falling out of the top ten global assets, there has been a positive trend in crypto regulation.
As early as before Trump officially took office, organizations advocating for crypto, such as the U.S. Digital Chamber of Commerce, listed that an important event on the "first day" of the new SEC would be to initiate a review of all existing crypto-related investigations, Wells notices, and ongoing litigation cases, and seek to suspend those cases that do not involve actual fraud or harm to investors.
On January 20, 2025, Gary Gensler, who had been in charge of the SEC for four years, officially stepped down, and Mark Uyeda has served as the acting chairman of the SEC since then. In just one month, the new SEC fulfilled its promise, changing the tough regulatory stance towards crypto companies that characterized Gensler's tenure, first settling and withdrawing a batch of crypto litigation cases. Odaily Planet Daily has compiled this into the following image:
Crypto Companies: Years of Persistence Finally Pay Off
Before the settlements and withdrawals, many crypto companies had been engaged in a "war" with the SEC for many years.
The dispute between Coinbase and the SEC dates back to 2021. In September 2021, the SEC issued a Wells notice regarding Coinbase's lending service, Coinbase Lend _ (a non-formal reminder issued by the SEC before civil litigation against a publicly listed company, allowing the company to communicate and negotiate with the SEC before receiving a formal lawsuit)_ . At that time, Coinbase chose not to confront the SEC and announced the cancellation of its upcoming crypto lending project.
However, in March 2023, the SEC issued another Wells notice to Coinbase, warning that it had found potential violations of U.S. securities laws, focusing on staking services and asset listings. Faced with this lawsuit, Coinbase did not choose to back down. Coinbase CEO Brian Armstrong stated at the time, "Coinbase has to prepare for a multi-year court battle with the SEC, and if the situation worsens, we will consider making more investments overseas, including relocating from the U.S. to other places."
Other companies with a similarly tough stance include Uniswap and OpenSea.
In April 2024, Uniswap received a Wells notice from the SEC and clearly stated that it would “fight back”: “We must fight against U.S. government agencies to protect our company and industry. This struggle will last for years, possibly all the way to the Supreme Court, and the future of fintech and our industry is at stake.”
In August of the same year, OpenSea also received a Wells notice from the SEC, accusing it of operating as an unregistered securities trading platform and seeking to classify NFTs as securities. OpenSea also chose to stand up and fight for the industry, and to help ensure that creators could continue to create without fear, OpenSea offered $5 million to cover legal fees for NFT artists and developers who also received Wells notices.
In fact, engaging in litigation battles with the SEC is not an easy task. As Uniswap co-founder Hayden Adams responded when the SEC dropped its investigation into Uniswap on February 26, “The SEC's previous investigation lasted three years, wasting a lot of time and millions of dollars, significantly impacting the company.”
The human, material, and financial pressures that must be borne in litigation are not something an average company can withstand, and some crypto companies did not survive to see the current era of vindication.
For example, the stablecoin issuer Paxos, which jointly issued the stablecoin BUSD with Binance in February 2023, received a Wells notice from the SEC, accusing BUSD of being an unregistered security. On the same day, Paxos, under pressure from the New York State Department of Financial Services, stopped issuing BUSD. Although Paxos had argued that BUSD was not a "security" and planned to sue the SEC, it ultimately could not withstand the pressure, and Binance announced in November 2023 that it would gradually remove BUSD. Dramatically, in July 2024, the SEC dropped its investigation into Paxos, determining that BUSD did not fall under the category of securities.
The Spring of Crypto Regulation Has Arrived
The two most important promises that the crypto market needs from Trump's administration are to establish a Bitcoin strategic reserve and to reverse the SEC's regulatory stance on crypto. Although the approval progress of the Bitcoin strategic reserve in various states is not optimistic, the SEC's attitude towards crypto has visibly improved.
The SEC's abandonment of lawsuits has created a demonstration effect. Following the withdrawal of lawsuits against Coinbase and Robinhood, exchanges like Binance and Kraken may see a turning point, as the lawsuits against these platforms are based on the same regulatory logic as the Coinbase case. Additionally, according to Fox Business reporter Eleanor Terrett revealed, given the SEC's recent focus on staking services, the agency may reconsider last year's lawsuit against ConsenSys regarding its MetaMask staking service.
The SEC's mass withdrawal of lawsuits will also benefit tokens that were previously considered securities, including BNB, SOL, ADA, etc., and may even open the door to a new round of "policy bull markets." The spring of crypto regulation has arrived, and the crypto industry has taken another step closer to gaining recognition in the traditional world.
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