The New York Times: Since Trump took office, the SEC has withdrawn nearly 60% of crypto cases, with a clear shift in regulatory stance

The latest report shows that since Donald Trump returned to the White House, the enforcement efforts of the U.S. Securities and Exchange Commission (SEC) against the cryptocurrency industry have significantly slowed down. According to The New York Times, the SEC has withdrawn, suspended, or dismissed nearly 60% of cryptocurrency-related cases, a change that has garnered widespread attention within the industry.

The report points out that while SEC enforcement actions in traditional financial markets continue, since January of this year, cryptocurrency companies have become the most affected group. Numerous investigations targeting crypto projects and trading platforms have been halted or canceled, indicating a shift in regulatory focus.

Among the most notable cases are the long-standing lawsuits previously filed by the SEC against Ripple Labs and major centralized exchanges (CEXs), both of which have been substantially withdrawn. The New York Times also mentioned that the SEC is no longer actively pursuing any companies with known connections to Trump, sparking discussions about the motives behind the regulation.

In response, the SEC stated that its enforcement adjustments are based on legal and policy considerations rather than political factors. The report also emphasizes that there is no evidence to suggest that Trump himself has directly intervened in specific SEC investigations or cases.

Some industry insiders believe that this change more reflects a reflection on the SEC’s past crypto regulatory strategies. Galaxy Digital research head Alex Thorn pointed out that attributing the slowdown in enforcement solely to political motives overlooks the aggressive and inconsistent regulatory approach the SEC has taken over the years.

It is worth noting that against the backdrop of decreased enforcement, crypto projects related to Trump and his family are expanding rapidly. By 2025, several digital asset projects associated with Trump’s brand or family have been launched, including World Liberty Financial, the official Trump Meme coin, and mining projects supported by his son, such as American Bitcoin.

Meanwhile, the internal structure of the SEC is also facing changes. With the departure of the last Democratic commissioner, Caroline Crenshaw, expected in January next year, the SEC leadership is likely to lean more toward Republican positions. Crenshaw has previously warned that relaxing crypto regulations could weaken investor protection and amplify market risks. The future regulatory direction of the SEC remains one of the key topics of concern in the crypto market.