The CEO of Crypto.com announced that the SEC has officially concluded its investigation into the company.
After serving Crypto.com with a Wells notice in August, the US securities regulator has now closed its investigation seven months later.
Kris Marszalek, CEO of Crypto.com, stated that the SEC has completed its inquiry into the exchange and has chosen not to pursue any further action.
”They used every tool available to attempt to stifle us, restricting access to banking, auditors, investors, and beyond. It was a calculated attempt to put an end to the industry,” Marszalek said in a March 27 X post.
”The fact that we not only persevered but became stronger is a testament to our vision and the community supporting it. Onwards!”
The SEC had signaled its plan to take legal action against the firm by issuing a Wells notice in August, and now, seven months later, it has decided to drop the case.
On March 27, Crypto.com’s chief legal officer, Nick Lundgren, expressed the company’s satisfaction with the SEC’s decision to end the investigation. He also criticized the prior administration for abusing its power against the crypto industry.
Crypto.com sued the SEC in October, arguing that the agency had overstepped its authority and mismanaged crypto regulation. This lawsuit followed the Wells notice issued two months earlier.
In the past five weeks, the SEC has dismissed numerous crypto-related cases, which has impacted companies like Coinbase, Consensys, Robinhood, Gemini, Uniswap, OpenSea, and Immutable. Crypto.com’s announcement aligns with this ongoing trend.
On March 27, the SEC permanently shut down its civil enforcement case against Cumberland DRW and dismissed it with prejudice.
Since January 20, when Mark Uyeda took over as the SEC’s acting chair, replacing Gary Gensler, the commission has noticeably softened its regulatory stance.
The SEC created a Crypto Task Force and appointed Commissioner Hester Peirce to lead its updated approach.
On January 23, the SEC withdrew a highly debated rule that had required financial firms to classify crypto holdings as liabilities in their financial statements.
Paul Atkins, whom Trump nominated to lead the SEC, is moving closer to the chair position after financial disclosure hurdles initially delayed his progress.
On March 24, Trump Media and Crypto.com announced their collaboration to introduce a series of “Made in America” exchange-traded funds, which they plan to launch later this year.
Crypto.com will handle the ETFs’ infrastructure and custody, and the funds will feature multiple tokens, including Bitcoin, Ether, Solana, XRP, and Cronos.
