# SEC dismisses seven crypto enforcement cases as policy shifts to rulemaking

> Between February and May 2025, the SEC dismissed with prejudice seven prior-administration crypto enforcement actions—Coinbase, Cumberland DRW, Consensys, Kraken/Payward, Dragonchain, Balina, and Binance—while stating that the dismissals supported a shift from enforcement-led policymaking toward…

- URL: https://riadefi.com/regulation/2025-05-29-sec-crypto-enforcement-dismissal-wave/
- Posture: Enforcement
- Authorities: U.S. Securities and Exchange Commission
- Event date: 2025-05-29
- Version: 1, published 2026-08-07 (first published 2026-08-07)
- Advisor-relevant: yes

## What changed

Between February and May 2025, the SEC dismissed with prejudice seven prior-administration crypto enforcement actions—Coinbase, Cumberland DRW, Consensys, Kraken/Payward, Dragonchain, Balina, and Binance—while stating that the dismissals supported a shift from enforcement-led policymaking toward the Crypto Task Force and did not decide the merits or establish a rule for other cases.

## Who it affects

- Crypto trading platforms
- dealers
- wallet and staking providers
- token issuers
- investment advisers
- custodians
- clients

## What is still open

- The substantive treatment of particular tokens, transactions, staking services, and intermediary activities under later SEC rules, interpretations, and cases

## What it means for an advisor

- Update enforcement-risk narratives and case trackers, but do not read the discretionary dismissals as holdings that the underlying activities fall outside the securities laws.

## Sources

1. [SEC dismisses seven crypto enforcement cases as policy shifts to rulemaking](https://www.sec.gov/newsroom/press-releases/2025-47) · U.S. Securities and Exchange Commission · 2025-05-29
2. [SEC dismisses seven crypto enforcement cases as policy shifts to rulemaking](https://www.sec.gov/newsroom/press-releases/2026-34) · U.S. Securities and Exchange Commission · 2025-05-29


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Published by Ketju Research on RIADeFi (https://riadefi.com). Educational research for financial professionals; not investment, legal, tax, or compliance advice.