In a significant shift for the U.S. crypto industry, the Securities and Exchange Commission (SEC) announced on March 15, 2025, the closure of high-profile investigations into Coinbase, OpenSea, and Robinhood.
This decision marks a departure from the enforcement-heavy approach of former SEC Chair Gary Gensler, aligning with President Donald Trump’s pro-crypto agenda outlined in his January 23, 2025, executive order.
The move, praised by industry leaders like Coinbase’s Paul Grewal, signals a lighter regulatory touch, fostering optimism for tokenized assets like music royalties, a key focus of your US Crypto Industry website.
The investigations, initiated under Gensler, targeted Coinbase for offering unregistered securities, OpenSea for potential NFT-related violations, and Robinhood for its crypto trading practices.
The SEC’s decision to drop these probes follows the launch of the Crypto 2.0 Task Force under Hester Peirce, which aims to replace “regulation by enforcement” with clear guidelines.
Paul Atkins, Trump’s nominee for SEC chair, has advocated for such a shift, emphasizing regulatory clarity to support innovation.
The crypto industry, which invested $250 million in the 2024 elections, views this as a victory, enabling platforms to operate without the threat of litigation. Coinbase’s stock rose 4% on the news, reflecting investor confidence.
The decision aligns with the GENIUS Act, passed on July 17, 2025, which regulates stablecoins and encourages their integration into payment systems. For instance, Shopify and Stripe have adopted USDC for settlements, a trend that could extend to tokenized royalties, enhancing liquidity for artists.
Critics, including Sen. Chris Murphy, argue that the SEC’s retreat could weaken investor protections, especially given Trump’s ties to World Liberty Financial and its USD1 stablecoin.
The Modern Emoluments and Malfeasance Enforcement (MEME) Act, proposed by Murphy, seeks to bar officials from profiting off digital assets, highlighting ethical concerns.
Despite these criticisms, the SEC’s move is expected to encourage institutional adoption, as firms like JPMorgan Chase explore tokenized deposits like JPMD.
