At least four SEC lawsuits against crypto companies are still ongoing, while investigations into three firms remain open, according to CoinDesk.

The first category includes Ripple, Kraken, Cumberland DRW, and Pulsechain, while the second involves Unicoin, Crypto.com, and Immutable.

In February, SEC’s newly appointed head of the crypto division, Hester Peirce, began reviewing cases initiated under Gary Gensler, but the list of investigations has not been cleared.

By March, the SEC had dropped cases against Coinbase and ConsenSys and paused proceedings against Binance and Tron, while discussions on a potential settlement continue.

Coinbase’s Chief Legal Officer, Paul Grewal, called the regulator’s actions over the past four years unprecedented.

Over the past two weeks, the SEC withdrew Wells notices issued to Robinhood Crypto, Uniswap, OpenSea, and Gemini.

Ongoing Lawsuits

Cumberland DRW has been accused of operating as an unregistered securities dealer.

The case against Ripple remains open, though experts expect the SEC to drop its appeal.

Rebecca Fike, a partner at Vinson & Elkins, believes the SEC may drop all cases based on the Howey Test for classifying tokens as securities. However, she noted that fraud-related cases might still proceed.

In July 2023, the SEC charged Richard Hart, Pulsechain, PulseX, and Hex. In February 2025, a judge rejected the defendants’ motion to dismiss, but granted the SEC 20 days to amend its complaint.

Ongoing Investigations

The SEC is still investigating Crypto.com, Immutable, and Unicoin, but no formal charges have been filed yet.

In October 2024, Crypto.com sued the SEC after receiving a Wells notice, but later withdrew the lawsuit two months later, shortly after CEO Kris Marszalek met with Donald Trump.

Outlook

According to Fike, the SEC is shifting its approach, moving away from regulation through enforcement toward clarifications and clearer rulemaking.

In March, the U.S. Senate will consider repealing IRS rules (which require DeFi projects to disclose tax information) and CFPB regulations (which impose stricter requirements on digital wallets and payment services).

In February, Trump nominated Jonathan Gould as head of the OCC, while also proposing Paul Atkins as SEC chairman, citing his expertise in digital assets.