Trump’s White House Clears the Deck for Big Business: Google, Coinbase, and More Catch a Break

In just weeks, Trump’s White House has reversed course on many Biden-era regulations, dropping lawsuits against crypto firms like Coinbase and Kraken, ending CFPB enforcement actions, and backing off a DOJ case against SpaceX. While Big Tech antitrust cases are still active, subtle shifts suggest broader deregulation is underway — with clear winners emerging across Silicon Valley and Wall Street.

As Donald Trump’s second term takes shape, one trend is unmistakable: the aggressive regulatory climate of the Biden era is being systematically dismantled. From crypto companies to mortgage lenders, the Trump administration is swiftly rolling back lawsuits and investigations — and the beneficiaries are some of the biggest names in business.

A New Era of Deregulation

Within just the first month, Trump’s Department of Justice (DOJ), Securities and Exchange Commission (SEC), and Consumer Financial Protection Bureau (CFPB) have pulled back from numerous enforcement actions launched under President Biden. While some agencies still pursue antitrust cases against tech giants, a broader retreat is already underway.

Among the first winners? The cryptocurrency sector.

Crypto Firms See the Tide Turn

Coinbase, Robinhood, Kraken, and OpenSea have all seen federal scrutiny evaporate. In February, Coinbase celebrated as the SEC dropped its nearly two-year lawsuit that had accused the crypto exchange of operating as an unregistered securities platform. CEO Brian Armstrong called the case “bogus” and praised the dismissal as a “huge day” for the company.

Just days later, OpenSea, the largest NFT marketplace, announced that the SEC had closed its investigation, which began with a Wells notice in 2024. OpenSea’s CEO posted that the move was “a win for innovation,” rejecting efforts to treat NFTs as securities.

Robinhood, too, received good news. On February 24, the SEC formally ended its investigation into the platform’s crypto division, which had been ongoing since May 2024. Robinhood welcomed the closure as a return to “fairness” and “the rule of law.”

Kraken followed suit in early March, revealing that the SEC had agreed to drop its 2023 lawsuit alleging it functioned as an unregistered broker-dealer. In a blog post, Kraken described the development as a “turning point” for the crypto industry.

SpaceX Case Quietly Dismissed

The DOJ also backed away from its 2023 discrimination lawsuit against SpaceX, which accused the company of excluding refugees and asylees from employment opportunities. The lawsuit had been paused — until February 20, when the DOJ asked the court to dismiss the case entirely. The decision marks a striking shift given SpaceX CEO Elon Musk’s increasing political alignment with the Trump administration.

Though the White House denies Musk has any formal government role, his influence looms large — especially in light of reports about his advisory role in reshaping the federal government.

Consumer Protection Cases? Gone

Perhaps most telling of the new regulatory philosophy is what’s happening at the Consumer Financial Protection Bureau.

On February 27, the CFPB voluntarily dropped four major enforcement cases brought under Biden. The companies included Capital One, Vanderbilt Mortgage (a Berkshire Hathaway company), Rocket Homes, and Pennsylvania Higher Education Assistance Agency. These cases alleged a range of abuses — from deceptive lending to illegal kickbacks and misapplied student loan payments.

Now, they’re all gone — along with hundreds of CFPB staff, as the agency shutters its Washington headquarters and pares back operations.

Antitrust Still on the Table — For Now

Despite the mass dismissals elsewhere, antitrust cases remain a notable exception — at least for now.

The DOJ continues to pursue high-profile lawsuits against Google, Meta, Amazon, Apple, and Ticketmaster/Live Nation. But even here, subtle shifts are underway.

One DOJ case against Google, originally filed in 2020 under the first Trump term, found the tech giant maintained a search monopoly. The remedy phase continues, with earlier proposals that Google divest from AI firms like Anthropic now softened. The DOJ’s latest position allows existing investments but requires Google to notify authorities before making new ones.

A second DOJ suit against Google — this time targeting its adtech business — wrapped up trial in late 2024, with a ruling expected soon.

Meanwhile, Amazon faces dual cases in Seattle related to vendor dealings and Prime subscriptions. Apple is likewise still under scrutiny. Meta’s FTC trial, launched in 2020, is scheduled for April 2026.

Still, enforcement could lose steam. FTC Chair Andrew Ferguson has expressed interest in reining in tech giants, but many expect policy changes rather than corporate breakups.

Winners and Losers in the Trump Regulatory Reset

What’s clear is that a seismic shift is underway. The Trump administration is giving industries a regulatory breather — or in many cases, a full reprieve. Crypto, fintech, and mortgage players are breathing easier. Big Tech may be watching closely to see if antitrust zeal tapers off, too.

This regulatory reversal may mark the beginning of a new era, where corporate America gets a second wind — and consumers, once again, are left to wonder who’s really looking out for them.

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