The SEC’s withdrawal of its lawsuit against Binance in May 2025 reflects a broader policy shift under the Trump administration, which has led to the dismissal of multiple high-profile crypto enforcement cases initiated in previous years.

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Since President Trump returned to office, the regulator has adopted a softer approach to the industry, dropping a number of high-profile lawsuits and probes.

The securities watchdog later dropped several high-profile cases — against firms including Coinbase, Uniswap, and OpenSea, among others during the past few months under the new Trump administration.