The U.S. Securities and Exchange Commission has officially dropped its lawsuit against cryptocurrency exchange Binance. This move ends a high-profile legal battle that began under former SEC Chairman Gary Gensler’s leadership.
Following the announcement, former Binance CEO Changpeng Zhao took to the X platform to mock Gensler. He added a clown nose to the former SEC chief’s image to make people believe that “crypto is still here.”
Many online users believe Zhao was deliberately mocking the tough regulatory strategies that Gensler brought to the SEC. They had been criticized for suing big businesses without offering specific rules for them beforehand.
Gensler’s main focus on enforcement was criticized by different groups within the crypto market. Zhao earlier pointed out that focusing on large firms ignored the fact that smaller, less clear actors were also responsible for dubious activities in the crypto world.
Crypto is still here. pic.twitter.com/W3WC1HQBpb
— CZ 🔶 BNB (@cz_binance) May 29, 2025
Also Read: New Decisive Evidence Springs up in Ripple vs. SEC Lawsuit, Lawyer Reacts
Industry Reacts to SEC’s Shift in Strategy
The now-dismissed lawsuit was among the most prominent legal actions pursued by the SEC against a crypto exchange. Binance had faced allegations related to unregistered securities and operational practices, though the case failed to gain lasting traction.
Soon after Zhao’s viral post spread online, the digital asset industry was buzzing with conversations. Supporters of Binance interpreted the meme as a symbolic victory and a message to regulators about the resilience of the crypto sector.
Industry observers believe the SEC’s decision may reflect changing attitudes toward crypto regulation in the United States. Although there was no apparent reason for the dismissal, it represents a rare change of heart by the agency following a period of active lawsuit filing.
According to critics, the SEC utilized this case to intimidate the crypto industry instead of working together. The quick closure of the Binance case leaves people wondering about the future of crypto oversight in the United States.
As the SEC steps back from its case against Binance, Zhao’s response highlights growing tensions between regulators and industry leaders. Since his post went viral, this controversy has become a major focus for the crypto industry in the U.S.
Also Read: Analyst Says Institutional Shift to XRP Will be Parabolic, Cautions Firms Acquiring Bitcoin
