One year after Gary Gensler resigned as chair of the US Securities and Exchange Commission, the agency’s approach to cryptocurrency regulation has changed sharply.
Gensler stepped down during the inauguration of President Donald Trump after facing sustained criticism from the crypto industry over enforcement-heavy policies.
Many crypto firms increased political spending during the 2024 US elections, backing candidates seen as more supportive of digital assets.
Trump appointed SEC Commissioner Mark Uyeda as acting chair, triggering a broad reversal of the agency’s previous crypto enforcement strategy.
In February, the SEC dropped a civil lawsuit against Coinbase that had been filed in 2023, marking the first of several dismissals.
Investigations into Robinhood Crypto and Uniswap Labs were later closed as the agency scaled back years-long probes.
In March, Ripple chief executive Brad Garlinghouse said the SEC would drop its appeal linked to a 2020 enforcement action against the company.
Further cases were dismissed after Paul Atkins was confirmed as SEC chair in April, raising questions from lawmakers about political influence.
Critics pointed to Trump’s family-backed crypto ventures, including World Liberty Financial and the Official Trump memecoin, as potential conflicts.
Estimates suggested Trump and his family had earned more than $1 billion from crypto-related businesses by mid-2025.
During 2025, the SEC hosted crypto roundtables focused on custody, tokenisation, decentralised finance and financial privacy.
The agency’s discussions may be overtaken by legislation as Congress debates the Digital Asset Market Clarity Act.
The bill passed the House in July but remains stalled in the Senate following delays tied to industry opposition.
All Democratic commissioners departed the SEC by January 2026, leaving the regulator without bipartisan leadership.
After leaving office, Gensler returned to academia and continued to describe cryptocurrencies such as Bitcoin as speculative assets.
At the time of reporting, Bitcoin price was $92,436.80.