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.
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 seismic shift that’s rocking the financial world, the U.S. crypto industry is no longer playing defense—it’s launching an all-out offensive against the U.S. SEC., fueled by the Trump administration’s sudden crypto-friendly pivot. Just months into Donald Trump’s second term, the SEC has shockingly withdrawn its barrage of lawsuits against major players like Coinbase, Kraken, Gemini, and Uniswap Labs, signaling a dramatic retreat from the regulatory chokehold.
The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase in June 2023, alleging that the crypto exchange operated as an unregistered securities broker and exchange. However, recent developments indicate that the SEC has agreed in principle to drop the case, as confirmed by Coinbase Chief Legal Officer Paul Grewal.