The US Securities and Exchange Commission (SEC) performs a full scale retreat from large parts of the large crypto court case that was started under former chairman Gary Gensler, but not everyone is off the hook.

At least four lawsuits against cryptic companies – Ripple, Kraken, Cumberland DRW and PulseChain – remain on an ongoing basis and probes to three more companies – Unicoin, Crypto.com and unchanging – has not yet been closed. Following the publication of this article, Kraken announced that SEC would drop his lawsuit against the exchange, pending commissioner approval.

SEC Commissioner Hester Peirce, the head of the agency’s newly created crypto-task force, has already done well with his promise earlier this month that “Disentangle” Sec from various crypto-related litigation. The Agency has agreed to drop its cases against Coinbase and Consensys, pending commissioner approval, and has paused its cases against binance and throne as the parties consider a “potential decision.”

The unprecedented level of activity at SEC, as it supports away from crypto actions, illustrates “, in addition to the pale over the last four years,” Coinbase Chief Legal Officer Paul Grewal in an interview with Coindesk. “It’s definitely something we’ve never seen before, but I think it’s well justified.”

Over the past two weeks, a number of companies that have previously received Wells notifications-in the essentials, received a heads-up from the regulator that it intended to submit enforcement costs of SEC that the investigations about them had been closed and that enforcement costs would not be filed against them. This list includes Robinhood Crypto, Decentralized Protocol Uniswap, Non-Mumbling Token (NFT) Marketplace OpenSea and Crypto Exchange Gemini.

The open suits

Although SEC has been withdrawn from its accusations that Coinbase served as an unregistered securities broker and exchange, similar charges against Kraken have not yet been dropped. SEC sued Kraken in November 2023 and accused the company of interventioning customer and business funds while working as an unregistered securities broker, clearing agency and dealer. A representative of Kraken did not respond to Coindesk’s request for comment.

Similarly, Sec Cumberland defendant Drw-Crypto Trading Arm for Chicago-based trading company DRW-Last year for allegedly serving as an unregistered securities dealer. Don Wilson, the founder of DRW, promised to fight the suit at the time. A representative of the DRW refused to comment and told Coindesk that the company currently has no updates to share.

Read more: Who is afraid of Gary Gensler? Not Don Wilson, the trader who beat the regulator once before

SEC sued Ripple in 2020 and lost almost in 2023 when a New York judge gave up that XRP when he was sold to retail investors was not a security. SEC subsequently appealed this decision. Although both Ripple leaders and external experts have speculated that the agency will hand over the appeal, the agency has not yet made any public statement about the case. A representative of Ripple told Coindesk that the company currently has no updates to share.

Rebecca Fike, a Dallas-based partner at the law firm Vinson & Elkins and a former SEC enforcement attorney, Coindesk told that she expects SEC to drop any of its pending cases based on using the Howey test to charge a company to offer unregistered securities Investor-protection-related problems.

“As for why some have been dropped for others, it could be internal or court -based timelines that set priorities,” Fike said. “There is also a chance that some crypto-related cases that appear to fit the Howey frame and SEC decides is based square in fraud DVS. A promoter or CEO who says one thing, but to do another with investor fund-kunne continue under a traditional fraud. “

SEC brought accusations of fraud and registration against Richard Schueler, better known as Richard Heart, Pulsechain, Pulsex and Hex in July 2023. There was a hearing on the defendants’ proposal for rejection last October, and the judge who monitored the case, rejected the last Friday, though she gave SEC 20 days to change it.

The open probes

Several of SEC’s probes – investigations that have not yet led to files – to cryptic businesses remain open.

Crypto.com sued Sec last October after it received a Wells message. The company voluntarily dropped its suit two months later, shortly after CEO Kris Marzalek met with the then President Elect Donald Trump. Crypto.com did not respond to Coindesk’s request for comment.

Australian Blockchain Gaming and NFT Company unchanged also received a Wells message last year associated with the sale of his IMX token in 2021, promising to fight any subsequent enforcement costs. Neither the company nor SEC have made any public statements about the status of the probe.

Unicoin also received a Wells message last year in which he informed the company that SEC was planning to bring about charges of violation of fraud, misleading practice and offers and sales of unregistered securities. Unicoin did not respond to Coindesk’s request for comment.

Looking forward

SEC’s retreat as well as the cut of its crypto enforcement team is, according to Fike, an indication that the agency is moving away from the so -called “regulation by enforcement” approach to the crypto industry made by the former chairman Gensler.

“I think SEC signalizes through staff that it means what it now says: that crypto regulation will come through statements and potential future decision making, not case-by-case enforcement measures,” Fike said. “Their hopes and mine are that a support away from calling all crypto -aversion papers and assessing the crypto industry as a whole under Commissioner Peirce’s new task force will create some clarity on crypto regulation.”

While SEC changes fast, not everyone is happy. Gemini president and co-founder Cameron Winkelvoss went to X earlier this week to demand retribution for the time and money the crypto exchange used to defend against SEC’s probe. He suggested that SEC repay Gemini triple his legal costs and shoot all staff involved in the probe.

According to FIKE, this is probably a non-starter.

“I can’t imagine SEC would ever do it. It looks like it would be a difficult precedent to set it and other agencies trying to regulate new and new markets, ”Fike said. “It is important to note that new financial products can often be a source of fraud and people/investors can be injured by them. I think SEC tried to be present and active in a billion dollar market full of investors who may be afraid to “miss out” but not necessarily have the economic or technologically knowledgeable to analyze the real crypto opportunities from the potential fraud. “

FIKE continued and added: “Many may disagree with the path they took, and commissioners Peirce and Uyeda make it clear, but they also benefit from some maturation in the crypto universe. I think it’s good that SEC is taking a step back and seems to create a better legislative structure for crypto and digital assets, but I don’t think that means their previous efforts were poorly defendants or deserving punishment. “

Update (March 3, 2025, 16:12 UTC): Adds Kraken, who announces that SEC is dropping his case against the exchange.