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There are several high-profile court cases awaiting our attention in 2025, many of which will have a huge bearing on the treatment of crypto and NFTs in the US.
SEC v. Ripple
Initial Filing: December 2020
Key Issue: Whether Ripple’s XRP token is a security under US law.
Current Status:
- A pivotal ruling in mid-2023 gave partial clarity on XRP sales, but the SEC and Ripple both appealed
- The appeals process can be lengthy; it is very possible that by 2025, the case—or at least parts of it—will still be winding its way through appellate courts
Why It Matters:
- The Ripple lawsuit is seen as a bellwether for how courts may classify digital assets as securities or not
- A final appellate decision could have industry-wide ramifications
SEC v. Binance & Changpeng Zhao
Initial Filing: June 2023
Key Issue: Alleged unregistered securities offerings and violations of US securities laws by Binance’s international and US entities.
Current Status:
- Binance and Zhao are contesting the allegations
- Significant discovery and motions practice could easily extend into 2025 and beyond.
Why It Matters:
- The outcome could define how centralized exchanges must register and operate in the US
- Could lead to sweeping compliance reforms if Binance opts for settlement or is forced into structural changes by court order
SEC v. Coinbase
Initial Filing: June 2023
Key Issue: Allegations that Coinbase listed unregistered securities and operated as an unregistered exchange.
Current Status:
- Coinbase is vigorously defending, asserting that the tokens at issue are not securities and that the SEC failed to provide clear rules
- As with the Binance case, legal proceedings are likely to continue well into 2025 (or longer) before any trial, settlement, or dispositive ruling
Why It Matters:
- The legal question of “which tokens are securities?” stands front and center
- A decision (or a settlement) could clarify the scope of the SEC’s authority over US-based crypto exchanges
SEC v. OpenSea (Possible)
Initial Filing: TBC
Key Issue: The SEC categorizes NFTs as securities and is looking to enforce this by prosecuting the world’s biggest NFT exchnage
Background: The SEC sent OpenSea a Wells Notice in August,, which suggests that action is imminent.
Current Status:
- The SEC is deciding whether or not to prosecute the exchange over the sale of unregistered securities
Why It Matters:
- Were the SEC victorious, it would go a long way to categorizing NFTs as securities in the US.
- This would have a devastating impact on the market and the sector as a whole
2025 is a Big Year for Crypto
2025 promises to be an even bigger year for the crypto and NFT sector than 2023 and 2024, which have seen some monumental rulings. By the end of 2025, the status of cryptocurrencies and NFTs in the US may have been enshrined in law, and with a pro-crypto government in place, the future finally looks bright.
The outcomes—or even interim decisions—of these and other cases will shape how crypto exchanges operate, how tokens are classified, and how regulators approach the industry going forward.
The post Crypto in Court – What Does 2025 Have in Store? appeared first on FullyCrypto.