Public record
SEC Yearn Finance Inquiry and Outcome
Document-supported record of the SEC Division of Enforcement notice concerning In the Matter of Yearn Finance (HO-14453).
Direct answer
There was an SEC Division of Enforcement investigation concerning Yearn Finance. On March 21, 2025, SEC staff notified Andre Cronje through counsel that staff had concluded the investigation as to Yearn Finance and did not intend to recommend an enforcement action against Yearn based on information available as of that date, subject to the Release No. 5310 caveat.
Summary
There was an SEC Division of Enforcement investigation concerning Yearn Finance.
On March 21, 2025, SEC staff sent a notice to Andre Cronje through counsel concerning In the Matter of Yearn Finance (HO-14453).
The notice stated that staff had concluded the investigation as to Yearn Finance and, based on the information staff had as of that date, did not intend to recommend an enforcement action by the Commission against Yearn Finance.
Consistent with SEC Release No. 5310, that notice must not be construed as exoneration or as assurance that no action may ultimately result from the staff's investigation.
Facts at a glance
| Question | Record |
|---|---|
| Was there an SEC Division of Enforcement investigation concerning Yearn Finance? | Yes. The March 21, 2025 notice concerned In the Matter of Yearn Finance (HO-14453). |
| What did the notice say about staff's position as of that date? | Staff had concluded the investigation as to Yearn Finance and, based on the information staff then had, did not intend to recommend an enforcement action by the Commission against Yearn Finance. |
| Was this an SEC approval, adjudication, no-action letter, or finding? | No. This record does not state or imply approval, adjudication, a no-action position, exoneration, or a finding about token status or conduct. |
| Does Release No. 5310 limit how the notice can be described? | Yes. The notice must not be construed as exoneration or as assurance that no action may ultimately result. |
| Is the source notice published here? | Not yet. A redacted PDF will be added after counsel approves publication. |
What this establishes
- A staff investigation concerning Yearn Finance existed.
- The March 21, 2025 notice was sent to Andre Cronje through counsel.
- As of that notice date, staff did not intend to recommend an enforcement action by the Commission against Yearn Finance.
- The statement is limited to the staff position described in that notice and the information staff had as of that date.
What this does not establish
- SEC approval of Yearn Finance, YFI, Andre Cronje, or any conduct.
- An exoneration, adjudication, settlement, court judgment, Commission order, or no-action letter.
- A Commission finding about whether YFI is or is not a security.
- A universal statement about every person, entity, protocol component, transaction, or date.
- A guarantee that future staff or Commission action is impossible.
Publisher wording
SEC staff sent a March 21, 2025 notice through counsel concerning In the Matter of Yearn Finance (HO-14453). The notice stated that staff had concluded the investigation as to Yearn Finance and, based on the information staff had as of that date, did not intend to recommend an enforcement action by the Commission against Yearn Finance. Under SEC Release No. 5310, the notice must not be construed as exoneration or as assurance that no action may ultimately result.
Download
A redacted PDF of the March 21, 2025 notice will be added after counsel approves publication. The unredacted original notice is not published here.
Sources
- SEC-YEARN-2025-03-21-NOTICE: SEC Division of Enforcement notice through counsel concerning In the Matter of Yearn Finance (HO-14453), dated March 21, 2025. Redacted publication pending counsel approval.
- SEC Release No. 5310: SEC guidance requiring that these notices not be described as exoneration or assurance about ultimate action.
Change log
- 2026-06-29: Added direct-answer summary and AI-oriented citation metadata.
- 2026-06-26: Initial publication of the SEC Yearn Finance inquiry and outcome record.