For years, firms operating in the crypto industry in the United States faced a regulatory environment defined more by ambiguity than structure. Instead of clear guidelines, many were met with lawsuits, subpoenas, and public accusations. That chapter now appears to be closing. Recent developments suggest that policymakers are beginning to understand that enforcement alone is not a sustainable strategy. In its place, we are starting to see more deliberate policymaking. Investigations are being dropped, public dialogue is increasing, and new legislative efforts are emerging.

Cases Dropped, Questions Answered

In the past few months, multiple high-profile investigations have quietly concluded with no enforcement action. These include probes into Polymarket, Coinbase, Uniswap Labs, Robinhood Crypto, ConsenSys, and OpenSea. Originally launched during a time when agencies relied heavily on enforcement to shape interpretation, many of these cases fell apart under scrutiny. The legal claims often relied on outdated frameworks that were not built for digital assets. The dismissal of these investigations points to a broader realization: many of the charges lacked solid grounding.

As Acting SEC Chairman Mark Uyeda stated,
"For the last several years, the Commission’s views on crypto have been largely expressed through enforcement actions. It is time for the Commission to rectify its approach."

This change in tone was paired with action. Uyeda introduced a new Crypto Task Force and committed to building rules through structured public engagement, rather than backdoor litigation.

From Reaction to Structure

The SEC is not alone in this shift. Across Washington, federal agencies are coordinating efforts to deliver a unified strategy for the crypto industry. The Clarity Act, for example, aims to bring consistency to how tokens and staking models are treated. This is an effort to replace fragmented enforcement with policy that participants can understand and follow. Outside of government, industry leaders are calling for the same thing.

In a recent Washington Post article, Dawn Fitzpatrick, CEO of Soros Fund Management, argued that the real issue is not the lack of regulation, but the quality of it. "The problem isn’t that crypto is unregulated," she wrote. "It’s that it’s badly regulated." She warned that without clearer rules, the United States risks falling behind in an industry that is becoming globally competitive.

The crypto industry is not unique in this regard. Other transformative technologies like the internet, biotechnology, and cloud computing faced similar periods of resistance. In each case, clarity eventually enabled growth. There is now reason to believe that the crypto industry could follow the same path.

The Turning Point: Enforcement Fades, Policy Emerges

The shift we are witnessing was once a dream for many in the crypto industry, but now that dream is becoming reality. The high volume of dropped investigations provides concrete evidence of a changing posture. At the same time, new legislation and rulemaking efforts are beginning to fill the vacuum left by unclear enforcement. Rather than being sidelined, firms are now are being invited to the table. The environment is becoming more navigable.

A managing partner at Dragonfly Ventures, Haseeb Qureshi stated on X that ´´The SEC's new "Project Crypto" is the most bullish thing I've seen in a long time from a regulator´´. Posted 31.7.25 on X

Polymarket offers a clear example. After years of scrutiny from both the CFTC and the Department of Justice, the platform saw its case closed in July. What once seemed like a signal that prediction markets would be stamped out now looks more like a signal that regulatory assumptions are being revised. A return to the U.S. market is now on the table.

A recent post by Axios suggests that Polymarket could very well make a comeback to the U.S. market. 21.7.25

Conclusion: Rules Are Catching Up to Reality

There is still work to be done. Rulemaking is a slow and timely process. But the direction is pretty clear. The U.S. government is moving toward structured engagement with the crypto industry, and away from reactionary enforcement.

The White House just released a 168-page report as part of their initiative, as reported by The New York Times as of 31.7.25

This does not mean the industry will avoid oversight. But it does mean oversight will become more predictable. And predictability is what allows firms to build, comply, and scale responsibly. If the current trend continues, this new chapter may bring something the crypto industry has long needed: the stability to grow within the bounds of law, rather than at odds with it.

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