Investor-led class-action lawsuits in the US related to crypto and artificial intelligence are on the rise, with the number of complaints nearing the total filed in all of 2024. According to a report by Cornerstone Research, AI and crypto were the top trends in complaints in the first half of 2025, with 12 AI-related filings and six crypto-related filings. This is just shy of the total number of similar complaints filed throughout the entire previous year.
Despite the total number of securities class actions filed by shareholders claiming losses remaining flat in the first half of 2025, with 114 new lawsuits compared to 115 filed in the last half of 2024, investors are still taking civil action against crypto companies. This is happening even as US agencies, including the Justice Department and the Securities and Exchange Commission, have eased back their crypto enforcement under President Donald Trump.
In terms of crypto-related class lawsuits, 2024 saw seven filings, while the six filed so far in 2025 are set to surpass last year’s total. Half of the filings this year were against a crypto issuer, one against a crypto miner, and two against what Cornerstone referred to as “cryptocurrency-adjacent companies.” Notable lawsuits include complaints against Pump.fun and the creators of the controversial LIBRA memecoin.
The report also highlighted an uptrend in complaints around Special Purpose Acquisition Companies (SPACs), which take over companies to bring them public. Half of the crypto-related complaints filed this year were by the law firm Burwick Law, with other filings led by Pomerantz LLP and Glancy Prongay & Murray.
On the AI front, the dozen AI-related filings in the first half of 2025 are closing in on the 15 total filed last year. Stanford law professor and former SEC Commissioner Joseph Grundfest noted that “AI-washing” is a key driver of these lawsuits. This refers to companies exaggerating, misrepresenting, or falsifying the extent or significance of their AI capabilities to investors and the public, leading to legal claims when the truth is revealed and investors suffer losses.
Overall, these class-action lawsuits serve as a vital path to accountability, especially in the rapidly evolving realms of crypto and AI. As the landscape continues to shift, it is likely that we will see more of these cases emerge in the future.