SEC Commissioner Mark Uyeda said the agency dropped civil cases against cryptocurrency companies because it was preparing a sweeping reversal of its regulatory approach and had serious doubts about the legal basis for lawsuits filed under the previous administration. Continuing to press court arguments that conflicted with the SEC’s emerging policy could have damaged the agency’s credibility, he said at a Georgetown University financial markets conference on Sept. 24. The withdrawn cases included actions involving Kraken, Ripple Labs and Coinbase. Uyeda served as acting SEC chair from January through April 2025, before Paul Atkins’s confirmation. Critics characterized the withdrawals as payback for the cryptocurrency industry’s support for President Donald Trump’s 2024 campaign. The SEC is currently led by Atkins, Uyeda and Commissioner Hester Peirce; Peirce is set to leave in November, and Trump has not announced a successor.