United States regulators, including the Securities and Exchange Commission (SEC), have ongoing civil cases against major cryptocurrency firms, including Binance, Coinbase (NASDAQ:COIN) and Ripple, but not every company has been subject to the same treatment.
Gary Gensler, serving as SEC chair since 2021, has been widely criticized by many lawmakers and industry leaders for a “regulation by enforcement” approach to crypto companies and offerings. Some of the cases have ended up in federal courtrooms to determine what may qualify as a security in the U.S., and not all judges’ decisions have necessarily been favorable to the regulator.