GAME OVER: How Trump Is Killing the SEC’s Multi-Billion Dollar Crusade Against Crypto

On May 29, 2025, the U.S. Securities and Exchange Commission (SEC) and global cryptocurrency exchange giant, Binance, announced that they had signed a joint stipulation ending a two-year legal battle.

Court documents have revealed that the dismissal relates specifically to the civil enforcement actions brought against former Binance CEO Changpeng Zhao, Binance Holdings, BAM Trading Services, BAM Management US Holdings.

The SEC initially filed lawsuits in June 2023, accusing Binance and its founder, Changpeng Zhao, of multiple violations, including artificially inflating trading volumes, diverting customer funds, and misleading investors about its surveillance controls. Additionally, the SEC alleged that Binance unlawfully facilitated the trading of several cryptocurrency tokens that were considered unregistered securities under U.S. law.

This civil case was separate from a criminal case in which Binance pleaded guilty in November 2023 to violating federal anti-money laundering and sanctions laws. As part of the plea agreement, Binance agreed to pay a $4.3 billion penalty, and Zhao stepped down as CEO and served time in prison, although he retained ownership of the company.

The BNB price is up 12% in the last month, and US legal pressure on the Binance exchange eases. Source: Brave New Coin BNB market data.

The dismissal of the Binance lawsuit is part of a broader trend under President Donald Trump’s administration, which has taken a more crypto-friendly approach to regulation.

Since February 2025, the SEC has dropped or settled several high-profile cases against cryptocurrency firms, including Coinbase, Kraken, Consensys, Robinhood, and Ripple.

Coinbase’s unregistered securities brokers cases were dropped, an investigation of Robinhood Crypto was dropped, it closed its investigation of Uniswap Labs, and its case against Consensys was effectively dismissed after the two parties reached an agreement.

In March 2025, Ripple Labs reached a settlement with the SEC, agreeing to pay a reduced fine of $50 million, down from the original $125 million, and the SEC lifted the injunction that had been placed on the company.

SEC Chairman Paul Atkins, recently appointed by President Trump, has emphasized the importance of establishing a clear regulatory framework for cryptocurrencies. In a statement on May 12, Atkins stated that developing a regulatory framework that establishes “clear rules of the road” for issuing, trading, and safekeeping crypto assets, while discouraging lawbreakers, would.

Crypto-critic Gary Gensler led the SEC from April 2021 to January 2025. During this period, US issuers of digital assets and platforms offering US customers access to trade & invest in digital assets, apart from Bitcoin (BTC). They had the looming threat of unregistered securities claims from the country’s most aggressive financial markets watchdog.

This threat has rapidly evaporated, however, major US cryptocurrency exchanges like Coinbase, infrastructure providers like Consensys, and digital asset issuers appear to now have their shackles removed. This shift has been rapid and sweeping.

A Binance spokesperson hailed the SEC’s decision as a “landmark moment,” expressing gratitude to Chairman Atkins and the Trump administration. The spokesperson added that the dismissal allows Binance to focus on building a compliant and secure platform for its users.

U.S. Vice President JD Vance, speaking during the Bitcoin 2025 conference, explained the strategic importance of Bitcoin in the nation’s rivalry with China.“The People’s Republic of China doesn’t like Bitcoin. Well, we should be asking ourselves, why is that? Why is our biggest adversary such an opponent of Bitcoin, and if the communist Republic of China is leaning away from Bitcoin, then maybe the United States ought to be leaning into Bitcoin,” Vance said during the speech.

He also praised President Donald Trump’s pro-crypto stance, particularly his digital asset-focused executive order. This executive order, titled “Strengthening American Leadership in Digital Financial Technology,” aims to bolster the nation’s leadership in blockchain and cryptocurrency technologies while emphasizing innovation and regulatory clarity.