The U.S. Securities and Exchange Commission (SEC) has officially closed its investigation into Crypto.com after seven months since the cryptocurrency platform received a notice in August. According to CEO Kris Marszalek, no action was taken against the exchange.
“They used every tool at their disposal to try to stop us, from restricting access to banks, auditors, and investors. It was a deliberate effort to cripple this industry,” Marszalek shared on X on March 27. “However, our ability not only to endure but to emerge stronger is a testament to our vision and the community that supports it. Onward!”
Turning Point After the Wells Notice
The investigation began in August when the SEC issued a Wells Notice, signaling its intention to take legal action against Crypto.com. However, seven months later, the case was closed with no action taken.
“We are delighted that the current SEC leadership has decided to close the investigation into Crypto.com,” said Nick Lundgren, Crypto.com’s Chief Legal Officer, in a statement on March 27. He also accused the previous administration of abusing its authority to harm the cryptocurrency industry.
Crypto.com filed a lawsuit against the SEC in October, two months after the Wells Notice, accusing the commission under Gary Gensler’s leadership of overstepping its authority and taking an unreasonable approach to cryptocurrency regulation.
Crypto.com’s announcement comes amid a wave of other cryptocurrency investigations and lawsuits being dismissed by the SEC over the past five weeks. Companies affected include Coinbase, Consensys, Robinhood, Gemini, Uniswap, OpenSea, and more recently, Immutable.
The SEC also dismissed civil enforcement actions against cryptocurrency trading firm Cumberland DRW on March 27.
Shift in Approach Under New Leadership
Since Mark Uyeda took over as interim SEC Chair on January 20, replacing Gary Gensler, the commission has adopted a more crypto-friendly approach. A Crypto Task Force led by SEC Commissioner Hester Peirce was established to support this new direction.
Additionally, on January 23, the SEC repealed a controversial rule requiring financial firms holding cryptocurrency to record them as liabilities on their balance sheets.
In a notable development, Crypto.com partnered with Trump Media on March 24 to launch a series of “Made in America” themed exchange-traded funds (ETFs) expected to debut later this year.
Meanwhile, Paul Atkins, Trump’s nominee for SEC Chair, is moving closer to becoming the new head of the commission after overcoming financial disclosure hurdles.
