As the debate continues regarding an appropriate regulatory framework for the crypto industry, during Q2 2025, the SEC both dismissed multiple crypto-related enforcement cases and also brought new cases. Final judgment was obtained in one notable case involving market-manipulation in crypto securities. Further complex developments played out in a long-standing legal dispute between the SEC and Ripple Labs regarding the sale of the XRP token. The dismissed cases each noted that the SEC’s decision does not necessarily reflect its position on any other litigation or proceeding. The new cases all include egregious facts and circumstances involving other fraudulent activities. The market manipulation details of the CLS Global case set it apart from crypto cases solely involving unregistered securities offering or unregistered broker-dealer activities. The still unresolved saga in the Ripple case leaves limited options for both parties, with potentially significant implications for the future of crypto regulation.