NFT REVIEW SEC Closes Key Crypto Cases— Is It a Turning Point?

The SEC has wrapped up several high-profile investigations involving some of the industry’s biggest names, like Ripple, Immutable, Kraken, OpenSea, and Yuga Labs. This could signal a real change in how regulators treat crypto, especially with Commissioner Hester Peirce now heading a revamped Crypto Task Force in the United States.

The focus is shifting toward striking a balance between investor protection and innovation—a move that could help reshape the future of blockchain regulation.

Key Takeaways

• The SEC has ended investigations into several major crypto firms, including Ripple and Immutable.

• Ripple settled with the SEC for $50 million, down from the original $125 million fine.

• Immutable’s probe closed with no enforcement action.

• A 2025 Executive Order reversed earlier crypto policies and banned Central Bank Digital Currencies (CBDCs).

• Despite the closures, legal challenges and regulatory uncertainty persist for many crypto companies.

Ripple’s Legal Win and Settlement Details

After nearly four years of legal battles, Ripple has finalized a $50 million settlement with the SEC—significantly reduced from the original $125 million. Both Ripple and the SEC dropped their appeals, officially closing the case in March 2025.

The SEC will refund $75 million of the $125 million fine a New York judge had ordered Ripple to pay last year, finalizing the settlement at $50 million. The outcome is seen as a landmark moment for crypto regulation, setting a precedent for companies pushing back against SEC enforcement actions.

Immutable Investigation Ends Without Penalty

In another major development, the SEC closed its investigation into Immutable with no enforcement action. The probe centred around the company’s 2021 IMX token sales and a blog post on pricing and token splits.

Immutable called the closure a “win for all builders, creators and gamers fighting for true digital ownership in gaming”.

Despite the investigation, Immutable maintained strong momentum:

• Signed partnerships with three billion-dollar firms

• Launched over 500 gaming titles

• Built zkEVM blockchain infrastructure

• Reached 4.9 million Passport sign-ups

SEC Backs Off Multiple Crypto Cases

Recent moves by the SEC suggest a more lenient approach to crypto regulation. The agency has either closed or backed away from several major cases involving Yuga Labs, Kraken, Coinbase, OpenSea, and Binance—all high-profile players in the industry.

• Yuga Labs announced on March 4 that the SEC ended its nearly three-year investigation into the company’s NFT offerings. While the SEC hasn’t officially commented, the decision suggests it doesn’t view Yuga’s NFTs as securities.

• Kraken shared on March 3 that the SEC plans to dismiss its 2023 lawsuit, which accused the exchange of selling unregistered securities. The case will wrap up with no penalties, no changes to Kraken’s business, and no admission of wrongdoing.

A Shift in U.S. Crypto Policy

These investigation closures align with broader changes in crypto policy under the current administration. In January 2025, a new Executive Order reversed several Biden-era regulations, banned CBDCs, and launched a pro-innovation Working Group on Digital Asset Markets.

Commissioner Hester Peirce now leads the revamped Crypto Task Force, tasked with developing clear and balanced regulatory frameworks. 

These changes reflect a growing effort to create a regulatory environment that encourages growth while maintaining oversight.

In a recent speech, SEC Commissioner Hester M. Peirce emphasized the need for regulators and the crypto industry to collaborate, stating:

“I invite you to join us in determining how to get from regulatory desolation to a place where the crypto industry can blossom without the weeds of fraud, grift, and market manipulation.”

She acknowledged that centralized intermediaries won’t disappear anytime soon, yet warned that if rules are “too heavy, too light, or simply not right,” people will turn to decentralized options.

Peirce also suggested that crypto’s innovations could help modernize equity markets, explaining:

“Perhaps these discussions also will help us to rationalize the regulatory framework for our traditional equity markets… Blockchain technology might even be an agent in that streamlining initiative.”

Market Reaction and Industry Outlook

The crypto market responded with measured optimism. XRP’s price held steady post-settlement, suggesting the outcome had already been priced in. Meanwhile, regulatory clarity is expected to improve investor confidence—especially among institutions wary of compliance risks.

The Web3 gaming space stands to benefit from reduced regulatory pressure, and Immutable’s progress during its investigation is a sign of resilience in the sector.

Looking ahead, proposals like a national crypto reserve could further reshape asset liquidity and create new opportunities for blockchain-based finance.

What’s Next for Crypto Regulation?

The SEC’s rollback of enforcement signals a more constructive approach to regulation. Industry players are now looking for more clarity on token classification and long-term compliance standards.

The current direction aims to support innovation without compromising investor protection. As new frameworks are introduced, they’ll likely shape how crypto assets are governed—and could help position the U.S. as a leader in blockchain development.

For crypto companies, this shift opens the door to greater focus on building and scaling—with less immediate pressure from regulators. Still, staying compliant remains essential in an evolving legal landscape.