The momentum has shifted in the yearslong battle between top crypto companies and protocols and the U.S. Securities and Exchange Commission under the new Trump administration. 

The regulator, which now has a crypto task force led by longtime industry advocate Hester Peirce, is moving away from what Pierce and others have called “regulation by enforcement” to less hostile engagements with crypto. 

Thus far, those words have rung true with the SEC recently backing away from fights with multiple top crypto companies. Here are the SEC's biggest pivots, reversals, and exits so far under Trump.