Ex-SEC acting chair says agency dropped crypto cases over credibility concerns

Former acting SEC Chair Mark Uyeda said the SEC dropped many civil cases against crypto companies in early 2025. Uyeda said the agency feared the cases could hurt its credibility in court. He said the SEC was preparing a 180-degree change in rulemaking. Uyeda said significant concerns existed about whether the cases were justifiable under law. The cases included actions against Kraken, Ripple Labs and Coinbase. Critics characterized the withdrawals as payback for the industry's support of President Donald Trump's 2024 campaign. Trump had promised to fire former SEC Chair Gary Gensler on day one if elected. Gensler resigned on the day Trump took office. Uyeda served as acting SEC chair from January to April 2025. He has been an SEC commissioner since 2022. The agency expects Commissioner Hester Peirce to depart in November. Trump has not announced nominees for potential replacements.