In the public record, 2025 looks like a collapse in US whistleblower award messaging: the US SEC’s own newsroom tag shows 7 award-related items in 2023, 5 in 2024, and just 1 in 2025; the CFTC’s whistleblower news feed shows only one 2025 award post. In an era of open banking + crypto rails, that’s a regulatory red flag.
Tech-weapons tycoons Palmer Luckey and Joe Lonsdale are funding Erebor Bank, a charter-in-progress that promises full-stack banking for crypto, AI, and defense startups—right when mainstream lenders still slam the door.
We unpack the political tailwinds, regulatory minefields, and the hard numbers that could make—or break—this $2 billion moonshot.
The U.S. Securities and Exchange Commission (SEC) has entered a new chapter with the swearing-in of Paul S. Atkins as its 34th Chairman, a move widely anticipated to mark a dramatic pivot in how the agency approaches crypto and DeFi regulation. For years, the financial industry—especially the burgeoning digital asset sector—has bristled under the SEC’s “Regulation by Enforcement” strategy.
The U.S. Securities and Exchange Commission (SEC) has conducted a multi-year investigation into the revenue-sharing arrangement between Coinbase and Circle regarding the USD Coin (USDC) stablecoin. These inquiries began in 2023 under then-SEC Chair Gary Gensler, focusing on how stablecoin revenue was generated, the transparency of disclosures, and the formula used to determine Coinbase’s share of USDC revenue.
The U.S. Senate confirmed Paul Atkins as SEC Chair on April 9, 2025, in a 52–44 vote largely along party lines, marking a pivotal shift in the agency’s regulatory trajectory[1][9]. A former SEC Commissioner (2002–2008) and Wall Street consultant, Atkins is poised to steer the agency toward a more industry-friendly approach amid significant operational challenges.
In a major regulatory shift, the U.S. SEC has dropped its investigation into Uniswap Labs and will not pursue enforcement actions. This marks another win for the crypto industry, following similar decisions regarding Robinhood Crypto and OpenSea. Uniswap calls it a “huge win for DeFi.” Under the new crypto-friendly Trump administration, the SEC stopped enforcement actions against several key players, including Coinbase.
The "Debanking" scandal in the crypto sector has evolved into one of the most controversial topics on X. Numerous prominent voices from the industry, including Coinbase CEO Brian Armstrong and Gemini co-founder Tyler Winklevoss, have accused the Biden administration of orchestrating a targeted campaign against crypto companies.
The U.S. is poised to reassert its dominance in the global crypto arena following the election of crypto-friendly President Donald Trump and the impending departure of SEC Chair Gary Gensler. This seismic shift in leadership is expected to transform the U.S. into a powerhouse for digital assets, attracting innovation and investment that had been stifled under previous regulatory regimes.
Many market participants have seen the U.S. SEC under the Biden administration as a failure. It was criticized for its "regulation by enforcement." Accordingly, the regulator announced a historic $8.2 billion in financial remedies for fiscal 2024, cementing the agency's legacy under outgoing Chair Gary Gensler. Known for relentless enforcement, the record-setting results highlight Gensler’s controversial tenure.
SEC Chair Gary Gensler's resignation, effective Jan 20, 2025, signals the end of a contentious era marked by criticism from the crypto industry and questions about his regulatory approach. While the SEC touts his reforms, critics argue that Gensler failed to establish a coherent framework for crypto regulation, leaving a regulatory void.
With Trump’s return to the White House, speculation is mounting in the crypto community over who will lead the U.S. Securities and Exchange Commission (SEC). Crypto attorney Jake Chervinsky sees Mark Uyeda, an SEC commissioner critical of current Chair Gary Gensler’s crypto policies, as a top candidate for the role. Hester Peirce, known as “Crypto Mom,” is viewed as less likely to step up.
Following Donald Trump's election victory, there are strong indications that Gary Gensler's tenure as SEC Chair may be coming to an end, with expectations of significant changes to the SEC's approach to crypto regulation. During his campaign, Trump explicitly promised to fire Gensler "on day one" after taking office. While this immediate firing will not take place due to legal restrictions, Gensler's removal seems to be certain.