SEC closes 4-year long investigation into Aave| Credit: Getty Images. Key Takeaways The SEC closed its 4-year Aave probe on December 16, 2025, with no enforcement action. The investigation examined whether the AAVE token or lending pools were unregistered securities. This marked a significant win for DeFi, signaling a reduction in regulatory pressure in 2025. The United States Securities and Exchange Commission (SEC) has concluded its 4-year long investigation into the decentralized finance protocol ...