The ending of multiple Securities and Exchange Commission (SEC) investigations into cryptocurrency firms is sending a strong signal that the agency’s approach to enforcement is quickly changing under the Trump administration.

The turning of the tide comes after a major push from the cryptocurrency industry to put more crypto-friendly leaders back in Washington, following four years of hard-line policies from the Biden administration.

The crypto sector, which poured nearly $250 million into various 2024 races up and down the ballot, is largely not surprised to see the fast action at the SEC under President Trump, who has promised to prioritize U.S. leadership in the digital currencies space.

“We in the crypto space felt it was very deceptive the way they [the Biden administration] went about dealing with crypto firms. They told crypto firms to come in and register, to come in and engage with them,” said Nic Carter, a founding partner at crypto investment firm Castle Island Ventures. “There was no meaningful way to do that.”

Over the past three weeks, the SEC closed or paused a series of investigations into crypto firms, starting with a request for a legal pause in its suit against Binance, the world’s largest cryptocurrency exchange.

In a court filing, the regulatory agency said a new crypto task force, launched by acting Chair Mark Uyeda, “may impact and facilitate the potential resolution” of the Binance case, which originally accused the exchange of engaging in a “web of deception.”

And over the past week alone, the agency closed separate investigations or lawsuits against the crypto arm of Robinhood, decentralized finance firm UniSwap Labs and blockchain software group Consensus

Last Thursday, the SEC officially dismissed its lawsuit against Coinbase, the largest cryptocurrency platform in the U.S.

Companies quickly lauded the decisions. Blockchain Association CEO Kristen Smith

© The Hill