The United States saw 18 new investor-led class-action lawsuits related to crypto and artificial intelligence in the first half of 2025, almost matching last year’s total of 22 cases.
Cornerstone’s report, released Wednesday, found 12 AI-related complaints and six crypto-related suits filed between January and June. This surge comes as overall securities class actions by shareholders held steady, with 114 new filings in H1 2025 compared to 115 in H2 2024.
Trends in Crypto Lawsuits
Crypto cases have jumped sharply this year. After seven crypto-related suits in all of 2024, six have already been filed in just six months of 2025. Half of those complaints targeted a crypto issuer, while one named a crypto miner.
Two more were brought against companies described as “cryptocurrency-adjacent,” such as firms selling mining equipment or forging partnerships with crypto ventures.
Key Players Behind the Filings
Law firm Burwick Law filed three of the six crypto complaints, including lawsuits against Pump.fun and the team behind the controversial LIBRA memecoin.
Burwick Law’s founder, Max Burwick, said that civil suits offer “a vital path to accountability when other remedies have yet to catch up.” The remaining three suits came from Pomerantz LLP, which lodged two complaints, and Glancy Prongay & Murray, which filed one.
AI Litigation on the Rise
Artificial intelligence has also attracted mounting legal attention. The 12 AI-related class actions filed so far in 2025 are only three shy of the 15 brought in all of last year.
Investors claim companies exaggerated or misrepresented their AI capabilities, leading to losses when products or services failed to live up to the hype. This pattern has fueled lawsuits against firms in sectors from tech platforms to enterprise software.
Sector Context and Enforcement
The uptick in crypto cases continues even as US regulators, including the Justice Department and the SEC, have eased enforcement under President Donald Trump’s administration.
Some analysts say investors are turning to civil courts because federal agencies have yet to settle on clear rules for digital assets. In contrast, AI cases reflect growing concern that companies deploy the term without meaningful innovation, a practice dubbed “AI washing.”
Expert Insight
Stanford law professor and former SEC Commissioner Joseph Grundfest said the rise in AI litigation shows “the dollars at risk and AI.”
He added that “AI washing, where companies exaggerate, misrepresent, or falsify the extent or significance of their AI capabilities, drives legal claims when the truth is revealed and investors suffer losses.” Grundfest quipped that he “has nothing else to add to this AI explanation of AI litigation.”
Broader Implications
The wave of class actions in both crypto and AI highlights growing investor intolerance for overhyped ventures. Experts say these suits may prompt firms to be more cautious in marketing and disclosures.
Also Read: Solana Foundation, Solana Labs, And Jito Execs Named Co-Conspirators In Pump.fun Lawsuit