Article Author, Source: 0x9999in1, MetaEra

In the first quarter of 2025, the U.S. Securities and Exchange Commission (SEC) quietly shifted its regulatory style in the crypto space. With the end of the Gary Gensler era, the SEC, led by acting chair Mark Uyeda, began to experiment with "dialogic governance," forming a crypto task force, terminating multiple crypto case investigations, and initiating a series of industry roundtable discussions. Do these actions indicate that the SEC is transitioning from "confrontational regulation" to a more collaborative approach? Before the new chair officially takes office, can the SEC's adjustments truly drive the crypto industry toward a new phase of compliance and innovation?

Key Actions of the SEC in the Past Three Months: From "Enforcement-Led" to "Dialogic Governance"

Since acting chair Mark Uyeda took office in January 2025, the SEC's regulatory strategy in the crypto space has shown significant adjustments, including the establishment of a crypto task force. Led by "Crypto Mom" Hester Peirce, this task force symbolizes a major shift in regulatory policy, expected to prioritize defining which crypto assets qualify as "securities" and exploring legitimate channels for token issuance. This move may bring a clearer regulatory framework to the market and attract more traditional financial institutions into the crypto space.

Recently, the SEC announced it would hold four new roundtable discussions from April to June 2025, covering topics such as crypto trading, custody, asset tokenization, and DeFi. The dates and themes of the four public roundtables are: April 11 "Tailored Regulation for Crypto Trading," April 25 "Key Issues for Custodians," May 12 "Asset Tokenization and Integration with Traditional Finance," and June 6 "DeFi and the American Spirit."

It is worth mentioning that these meetings are open to the public, and SEC Commissioner Hester Peirce referred to them as a "spring sprint for clear crypto regulation," indicating that the SEC is attempting to establish clearer rules through industry dialogue. On March 25, he publicly stated that the crypto industry needs "clear and reasonable boundaries of regulatory authority," suggesting that future compliance may be driven by rule refinement rather than litigation.

These changes are not only reflected in the formation of task forces and roundtable discussions; a set of data provides a more intuitive view. According to official SEC documents, the term "blockchain" reached a historical high in February 2025 (over 5,000 mentions in the EDGAR database), reflecting a significant increase in its attention to the crypto industry.

SEC Terminates Multiple Crypto Case Investigations, Signaling a Softening Stance

As of March 2025, the enforcement dynamics of the SEC in the cryptocurrency sector have indeed shown some adjustments, with several cases ending in settlements, dismissals, or terminated investigations, indicating a degree of regulatory easing.

In January 2025, the SEC ended its investigation into the Hinman documents without making a new ruling on whether Ethereum qualifies as a security;

In 2023, Kraken settled for $30 million for offering unregistered "staking as a service," but the SEC reserved the right for further investigation. In February 2025, the SEC officially terminated the investigation without additional penalties;

The SEC previously charged several NFT issuers (such as Impact Theory, Stoner Cats) with violating securities laws, claiming their NFTs were investment contracts. In December 2024, the SEC quietly withdrew some lawsuits, retaining enforcement only against projects with clear promises of returns (such as Ponzi scheme-like NFTs).

The SEC had charged a certain DeFi protocol (anonymous) with evading securities laws through governance tokens. In March 2025, a settlement was reached, with the protocol agreeing to register certain functions and pay a small fine, and the SEC terminated the investigation;

The SEC had attempted to charge Tornado Cash developers with violating securities laws due to their privacy tools being used for money laundering. In January 2025, the SEC dropped the lawsuit and turned to collaborate with the Treasury Department (OFAC) for regulation.

In March 2025, the SEC terminated its investigation into Immutable and related parties, finding no violations. Immutable President Robbie Ferguson stated that this move brings regulatory clarity to the Web3 gaming industry and is expected to drive more institutional investment;

In March 2025, Ripple reached a preliminary settlement agreement with the SEC, with the SEC agreeing to return $75 million of the $125 million fine ruled by the court last year, retaining only $50 million for closure. In exchange, Ripple will withdraw its cross-appeal.

Future Outlook: Policy Direction After the New Chair Takes Office

The latest news indicates that the SEC is still under the leadership of acting chair Mark Uyeda, who has adjusted some crypto policies during his tenure, such as pausing the requirement for crypto companies to register as trading systems and promoting the establishment of a special cryptocurrency task force, which is seen as paving the way for a transitional period.

Paul Atkins is the SEC chair nominee appointed by Trump, and his nomination is viewed as an important signal for promoting friendly regulation in the cryptocurrency industry. He has extensive experience in financial regulation, having served at the SEC and supported the development of innovation and decentralized assets. However, Paul Atkins currently faces questions about conflicts of interest. His investments in the crypto space (such as Securitize and Pontoro) and family assets (valued at over $327 million) have raised concerns about his regulatory impartiality, but he has promised to resign from his current positions and sell related equity if confirmed.

The nomination of SEC's new chair Paul Atkins is still in the Senate hearing stage, with the Senate hearing scheduled for March 27, 2025, during which Paul Atkins will need to respond to inquiries from Democratic Senator Elizabeth Warren and others regarding his connections to the crypto industry.

If Paul Atkins can officially take the helm, he may promote legislative processes such as the "Digital Asset Market Structure Act," reduce regulatory overlap, and clarify the delineation standards between securities and non-securities tokens.

Conclusion

The SEC's adjustments over the past three months mark its attempt to transition from "confrontational regulation" to "dialogic governance." If the SEC can continue to promote a transparent and reasonable regulatory framework, prioritizing the establishment of specific rules for stablecoins, staking services, and DeFi protocols, the U.S. may become a focal point for global crypto innovation; conversely, if policies fluctuate, crypto projects may still choose to migrate to regions with more favorable regulations. Regardless, 2025 will be a critical turning point in the relationship between the SEC and the crypto industry.