SEC Closes Investigations into Multiple Crypto Firms Amid Regulatory Changes
An overhaul of the SEC is anticipated following a change in administration, impacting the crypto industry. Recent significant developments include:
- The SEC closed its investigation into Yuga Labs, with the company asserting that NFTs are not securities.
- On Nov. 21, SEC Chair Gary Gensler announced his departure on Jan. 20.
- Trump nominated Paul Atkins as the new SEC chair on Dec. 4; he has yet to be confirmed.
- A new crypto task force was established on Jan. 21, led by Hester Peirce, aimed at creating a regulatory framework for crypto assets.
Further actions by the SEC since the election include:
- Jan. 23: Release of SAB 122, allowing banks and brokers to custody spot crypto.
- Feb. 4: Peirce outlined the SEC’s crypto-focused priorities.
- Feb. 13: A federal judge paused the SEC's lawsuit against Binance for 60 days.
- Feb. 20: The SEC dropped its litigation against Coinbase.
- Feb. 21: Investigations into OpenSea and Robinhood concluded without enforcement action.
- Feb. 24: Closure of investigations into Gemini and Uniswap Labs without planned action.
- Feb. 27: Dismissal of the MetaMask case and memecoins deemed non-securities.
This week, the SEC agreed to drop its lawsuit against Kraken and announced members of the crypto task force. Various crypto ETF proposals are acknowledged but await approval.
Future attention will focus on potential changes regarding the Ripple case.