Hot Off the Press: Current Status and Evolution of SEC Crypto Suits
SEC's Crypto Tussles: A Rollercoaster Ride
SEC Probes Continue to Engulf Multiple Cryptocurrency Companies Over Unresolved Actions
The regulatory claws of the SEC continue to grapple with numerous crypto firms, with four active lawsuits and three ongoing investigations underway, according to the latest scoop from CoinDesk.
Here's a lowdown on the companies in the SEC's crosshairs:
- Ripple, Kraken, Cumberland DRW, and Pulsechain are in the first camp, while the secuded trio of Unicoin, Crypto.com, and Immutable forms the second group.
Legal Battles: Ripples, Cumberland, and Pulse
Cumberland DRW is accused of functioning as an unregistered securities dealer - quite the hornet's nest!
In a dramatic turn of events, the case against Ripple continues to rage on, though industry experts predict that the SEC might drop its appeal.
On a different note, in July 2023, the SEC charged Richard Hart, Pulsechain, PulseX, and Hex. While a judge rejected the defendants' motion to dismiss in February 2025, the SEC was given 20 more days to amend its complaint. Stay tuned for more fireworks!
Investigations: Unicoin, Crypto.com, and Immutable
Despite the SEC's investigative probe, no formal charges have been filed against Crypto.com, Immutable, and Unicoin. In an unusual twist, Crypto.com famously sued the SEC following a Wells notice, but rescinded the lawsuit shortly after CEO Kris Marszalek met with Donald Trump.
A Shifting SEC: From Enforcement to Enlightenment?
Expert insights reveal that the SEC is taking strides to abandon its previously aggressive enforcement-centric approach. Instead, it's expected to favor clarifications and clearer rulemaking to guide this burgeoning industry.
In the near future, the U.S. Senate plans to examine and potentially repeal certain IRS rules and CFPB regulations that impact DeFi projects and digital wallets.
Historic Moments: Settlements and Dismissals
In a surprising move, the SEC withdrew Wells notices issued to Robinhood Crypto, Uniswap, OpenSea, and Gemini over the past two weeks. Additionally, the SEC dismissed its civil enforcement action against Binance and Changpeng Zhao in May 2025. This decision, made in the spirit of discretion, doesn't necessarily indicate the SEC's position on other cases.
Case Closed: The Ripple Settlement
On a revelatory note, Ripple and the SEC finally reached a settlement on May 8, 2025, with Ripple agreeing to a $50 million deal. After appeals, negotiations, and a reduced penalty, Ripple's institutional sales were still deemed a violation of securities laws. However, the court did not lift the ban on XRP sales to big investors.
Defi business and technology may encounter significant regulations as the SEC continues its investigation into Crypto.com, Immutable, and Unicoin. In the realm of finance, the case against Richard Hart, Pulsechain, PulseX, and Hex is ongoing, with the SEC given an extension to amend its complaint. On the other hand, Ripple, Kraken, Cumberland DRW, and Pulsechain face charges, with the case against Ripple predicted to be dropped by the SEC.
