#SEC admits firsthand that withdrawing the case was to save face
Mark Uyeda, the former Acting Chairman of the SEC, admitted it himself: in early 2025, the SEC dropped a whole batch of cases against Coinbase, Kraken, and Ripple—not because it wanted to “let the crypto world off the hook,” but because it was afraid of contradicting itself in court. At the time, the SEC was working on a new set of policies and didn’t want its own lawyers to argue something in court that ran counter to the new rules. So it had to withdraw the cases first. In plain terms, it was about protecting its own dignity—not handing out a “get out of jail free” card to crypto.
The news is rather ironic, but the market isn’t giving it any face. Today, everything is down across the board: $ADA is quoted at 0.2383 USDT, down 6.3% in 24 hours and leading the decline; $SOL is quoted at 115.28 USDT, down 2.6%; $BNB is quoted at 767.86 USDT, down 2.6%. The coins that have also been named by the SEC are falling—but by different magnitudes, with ADA clearly taking the worst hit.
Now that the real reason behind the case withdrawals is out in the open, price movements are going their separate ways. Do you think this rally has already “used up” its good news, or does the market simply not take the SEC seriously at all?
Mark Uyeda, the former Acting Chairman of the SEC, admitted it himself: in early 2025, the SEC dropped a whole batch of cases against Coinbase, Kraken, and Ripple—not because it wanted to “let the crypto world off the hook,” but because it was afraid of contradicting itself in court. At the time, the SEC was working on a new set of policies and didn’t want its own lawyers to argue something in court that ran counter to the new rules. So it had to withdraw the cases first. In plain terms, it was about protecting its own dignity—not handing out a “get out of jail free” card to crypto.
The news is rather ironic, but the market isn’t giving it any face. Today, everything is down across the board: $ADA is quoted at 0.2383 USDT, down 6.3% in 24 hours and leading the decline; $SOL is quoted at 115.28 USDT, down 2.6%; $BNB is quoted at 767.86 USDT, down 2.6%. The coins that have also been named by the SEC are falling—but by different magnitudes, with ADA clearly taking the worst hit.
Now that the real reason behind the case withdrawals is out in the open, price movements are going their separate ways. Do you think this rally has already “used up” its good news, or does the market simply not take the SEC seriously at all?