Entry points first: Binance Official Site, Official Binance App, iOS Install Guide. The US SEC's (Securities and Exchange Commission) stance on crypto shifted fundamentally after Trump's election victory in November 2024 and Paul Atkins taking over as SEC Chair in 2025, moving from the Gensler-era position of "strict enforcement, tokens are securities" to a new stance of "tiered regulation, innovation-friendly." Starting in 2025 the SEC voluntarily dropped lawsuits against Coinbase, Binance, Ripple, Kraken, Robinhood Crypto, and several other projects, ushering the crypto industry into its most lenient compliance environment to date.
The table below compares SEC chairs and their positions on crypto regulation:
| SEC Chair | Term | Main Policy Stance | Signature Events |
|---|---|---|---|
| Mary Jo White | 2013-2017 | Focused on early ICOs | Introduced the "Howey Test" standard |
| Jay Clayton | 2017-2020 | Most ICOs are securities | Sued Telegram, Kik |
| Gary Gensler | 2021-2025 | Strict enforcement, most tokens are securities | Sued Coinbase, Binance, Ripple |
| Paul Atkins | 2025- | Tiered regulation, innovation-friendly | Dropped the Coinbase, Ripple lawsuits |
The Gensler era became known in the industry as the "hostile regulation period," with the SEC filing 50+ crypto-related lawsuits between 2021 and 2024. The Atkins era is being called the "innovation-friendly period."
Trump repeatedly voiced support for crypto during his 2024 campaign, promising to "make America the crypto capital of the world." The main policies delivered after taking office include:
First, appointing crypto-friendly Paul Atkins as SEC Chair, replacing the Gary Gensler team. Second, signing an executive order to establish a "Strategic BTC Reserve" and halting auctions of government-held BTC. Third, creating the White House Crypto Council, with David Sacks serving as AI & Crypto Czar. Fourth, pushing forward stablecoin regulatory legislation (the GENIUS Act) and crypto market structure legislation (the FIT21 Act).
These policies moved the US crypto compliance environment from among the strictest in the world to relatively friendly, drawing overseas crypto companies back to the US.
The table below lists the major crypto-related cases the SEC voluntarily dropped or settled in 2025-2026:
| Case | Filed | Dropped/Settled | Outcome |
|---|---|---|---|
| Coinbase lawsuit | 2023-06 | Dropped 2025-02 | Fully dismissed |
| Binance lawsuit | 2023-06 | Settled 2025-05 | $450M fine, no forced business changes |
| Ripple SEC case | 2020-12 | Settled 2025-08 | $50M fine, XRP ruled not a security |
| Kraken lawsuit | 2023-11 | Dropped 2025-03 | Fully dismissed |
| Robinhood Crypto | 2024-05 | Dropped 2025-04 | Fully dismissed |
| Uniswap Wells Notice | 2024-04 | Investigation closed 2025-03 | No lawsuit |
| OpenSea Wells Notice | 2024-08 | Investigation closed 2025-02 | No lawsuit |
| Consensys lawsuit | 2024-06 | Dropped 2025-03 | Fully dismissed |
The total value of compliance and legal costs lifted by these dropped cases is estimated at over $10 billion, with the affected tokens' prices generally rallying 30-80%.
The Ripple SEC case is one of the longest and most complex lawsuits in the crypto industry. The SEC sued Ripple in December 2020, alleging XRP was an unregistered security. The case dragged on for 5 years before the two sides settled in August 2025, with Ripple paying a $50 million fine and the SEC withdrawing its appeal.
| Timeline | Event | XRP Price Reaction |
|---|---|---|
| 2020-12 | SEC sues Ripple | $0.55 → $0.18 (-67%) |
| 2023-07 | Judge rules programmatic XRP sales are not securities | $0.47 → $0.84 (+78%) |
| 2024-08 | Final ruling in the first trial | $0.62 → $0.65 (+5%) |
| 2024-11 | Trump elected | $0.55 → $2.45 (+345%) |
| 2025-08 | Case settled | $2.10 → $2.85 (+36%) |
The resolution of the Ripple case marked XRP's legal status as clearly not a security, and comparable tokens (such as ADA, SOL, ALGO) gained similar legal certainty as a result.
The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) is the stablecoin regulatory bill passed by the US Congress in 2025, establishing a compliance framework for issuing dollar-pegged stablecoins.
| Core Provision | Requirement |
|---|---|
| Reserve requirement | 100% reserves in cash / US Treasuries |
| Transparency | Monthly public reserve disclosures |
| Licensing | Federal OCC or state-level |
| Issuance scale | State-level under $100B; federal license required above that |
| Prohibited conduct | May not pay interest |
| Scope | Dollar-pegged stablecoins |
The Act makes clear that USDC and USDT must meet these rules to be sold in the US. Tether was excluded from the US-compliant market because its reserve mix, which includes BTC and gold, does not meet the "100% cash/Treasuries" requirement, though it can still circulate overseas.
The FIT21 Act (Financial Innovation and Technology for the 21st Century Act) establishes the division of regulatory labor for crypto in the US: the CFTC oversees spot markets and "mature digital commodities" (including BTC), while the SEC oversees securities-type tokens.
The key concept the Act establishes is the "decentralization test": when a token's underlying blockchain network meets two conditions — functional use and decentralized operation — it is classified as a commodity rather than a security. BTC clearly qualifies, ETH also qualifies after the Merge, and major second-tier chains (SOL, ADA, AVAX) are in the process of passing the test.
The FIT21 Act resolves the long-standing question of "which tokens are securities" that has plagued the industry, giving projects and exchanges a clear path to compliance.
The crypto projects that benefited most from the SEC's regulatory pivot:
| Project | Reason for Benefit | 2024-2026 Gain |
|---|---|---|
| XRP | Case settled + ruled not a security | +480% |
| ADA | Legal status improved alongside XRP | +180% |
| SOL | Higher odds of a spot ETF approval | +320% |
| LINK | Benefited from cross-chain regulatory clarity | +160% |
| AAVE | DeFi regulatory framework clarified | +220% |
| UNI | DeFi protocol compliance progress | +150% |
| BNB | Business recovered after Binance settlement | +280% |
| HBAR | Enterprise-friendly compliance positioning | +210% |
The data shows that once regulatory uncertainty was removed, projects that had been suppressed the longest — especially XRP and ADA, which the SEC had named directly — saw the largest gains.
Hong Kong began formally accepting crypto exchange license applications in June 2023, and issued licenses to OSL, HashKey, Hash Blockchain, HKVAX, and other institutions through 2024-2025. Hong Kong's regulatory framework is relatively friendly but requires strict KYC and AML.
| Dimension | US SEC | Hong Kong SFC | Singapore MAS |
|---|---|---|---|
| Spot ETF | BTC/ETH approved | BTC/ETH approved | Not approved |
| Retail participation | Fully open | Via licensed institutions | Accredited investors only |
| Stablecoin regulation | GENIUS Act | In sandbox | Already legislated |
| DeFi regulation | Relatively lenient | To be clarified | Relatively strict |
Mainland Chinese residents need a Hong Kong ID or to open an account in person in Hong Kong to access Hong Kong crypto trading, which is a fairly high barrier. The main channels remain the international versions of Binance and OKX.
The US SEC's regulatory pivot directly affects mainland Chinese users' participation in crypto markets in three main ways.
The first effect is that Binance's business has returned to normal after settling with the SEC, and the international version can continue to offer KYC and C2C services to mainland Chinese users. The second effect is that USDC's circulation has risen as it became compliant in the US, making it a more stable alternative to USDT. The third effect is that tokens such as SOL, XRP, and ADA that had long been suppressed by regulatory uncertainty now have clarified legal status, boosting confidence in holding them long term.
Restrictions on crypto within mainland China itself (Notice 94, the September 24 Notice) remain unchanged, and domestic exchanges are still restricted.
Q: How has the US SEC's attitude toward crypto changed? A: It shifted from the Gary Gensler era (2021-2025) stance of "strict enforcement, tokens are securities" to the Paul Atkins era (2025-) stance of "tiered regulation, innovation-friendly."
Q: Which crypto-related lawsuits has the SEC dropped? A: The main cases the SEC dropped or settled in 2025-2026 include Coinbase, Binance, Ripple, Kraken, Robinhood Crypto, Uniswap, OpenSea, and Consensys.
Q: What was the outcome of the Ripple SEC case? A: In August 2025 Ripple and the SEC settled, with Ripple paying a $50 million fine and the SEC withdrawing its appeal. XRP's legal status was clarified as not a security, and comparable tokens (ADA, SOL) gained similar legal certainty.
Q: What is the GENIUS Act? A: A stablecoin regulatory bill passed by the US in 2025, requiring dollar stablecoins to hold 100% reserves in cash/Treasuries, disclose reserves monthly, and hold a federal or state license. USDT was excluded from the US-compliant market because its reserve structure doesn't meet the requirement.
Q: What is the FIT21 Act? A: A crypto market structure bill establishing that the CFTC oversees spot markets and "mature digital commodities" (including BTC and ETH), while the SEC oversees securities-type tokens. It introduces a "decentralization test" to determine a token's classification.
Q: Which crypto projects benefited most from the SEC's pivot? A: XRP (+480%), SOL (+320%), BNB (+280%), AAVE (+220%), HBAR (+210%), ADA (+180%), LINK (+160%), UNI (+150%).
Q: What crypto policies has the Trump administration pursued? A: Appointing crypto-friendly Paul Atkins as SEC Chair, establishing a Strategic BTC Reserve, creating the White House Crypto Council, and pushing the GENIUS Act and FIT21 Act through Congress.
Q: What is Hong Kong's stance on crypto regulation? A: Hong Kong began accepting crypto exchange license applications in June 2023 and issued licenses to OSL, HashKey, and other institutions through 2024-2025. The framework is friendly but requires strict KYC, and the barrier for mainland Chinese residents to participate remains high.
Q: How does the US SEC's pivot affect users in mainland China? A: Binance's and OKX's international operations have returned to normal, USDC has become more stable after becoming US-compliant, and tokens like SOL, XRP, and ADA now have clarified legal status. Restrictions on crypto within mainland China itself (Notice 94) remain unchanged.
Q: Will the SEC loosen regulation further going forward? A: The Paul Atkins team has clearly stated "innovation first" as its priority, with future focus areas including a DeFi regulatory framework, cross-border compliance, and institutional participation infrastructure. Regulation is expected to become more detailed but remain broadly friendly through 2026-2028.
Data sources: Official SEC announcements, White House crypto policy documents, Ripple v. SEC court filings, CoinGecko historical prices, as of April 25, 2026.