The SEC has closed its case against Coinbase and ended probes into Uniswap and OpenSea, pointing to the agency’s shifting crypto stance.
The U.S. Securities and Exchange Commission (SEC) has ended multiple cases and investigations involving cryptocurrency companies, according to various reports.
Coinbase said on Feb. 21, 2025 that the SEC has agreed to have its case against the company dismissed. Coinbase called the decision, which is subject to Commissioner approval, a vindication and “a major win for the rule of law.”
The SEC initiated the case in June 2023, alleging that Coinbase violated securities laws through several of its service offerings and token listings. Since then, Coinbase has fought the case and advanced numerous legal arguments.
Coinbase reminded the public that the SEC filed its lawsuit two years after it permitted the firm to go public. Because its business model remained unchanged, Coinbase believes changes in political leadership at the SEC motivated the case.
Uniswap Labs wrote on Feb. 24 that the SEC has closed its investigation into the company without action. Uniswap said that the decision reaffirms its stance that it operates in compliance with all applicable laws.
The SEC had investigated Uniswap over multiple years. In April 2024, it sent a Wells notice to the firm that warned of a potential lawsuit. Though the notice did not lead to a legal case, Uniswap’s counsel countered the SEC’s claims in a May 2024 Wells response and outlined a thorough legal defense.
OpenSea CEO Devin Finzer said on Feb. 21 that the SEC has closed its investigation against the firm, which operates an NFT marketplace.
Finzer called the conclusion a “win for everyone” and said that the SEC’s attempts to treat NFTs as securities misinterpreted the law and prevented innovation.
The SEC sent a Wells notice to OpenSea in August 2024, but this did not progress to a legal case. At the time, OpenSea said it operated legally and pledged $5 million to a legal fund for NFT creators in case they were directly targeted by the SEC.
The developments above come alongside a pro-crypto shift at the SEC under the Trump administration, including a new task force headed by SEC Commissioner Hester Peirce and the appointment of Paul Atkins as SEC Chair.
However, several other SEC crypto cases remain open, including actions against exchanges such as Kraken and Binance. The SEC has agreed to pause the latter case as it reevaluates its approach to crypto, according to the AP on Feb. 11.
It should be noted that the SEC closed certain cases during the previous Biden administration. Notably, it closed an investigation into stablecoin firm Paxos and ended parts of an investigation into Ethereum development firm Consensys in 2024.
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