The U.S. Securities and Exchange Commission (SEC) has formally concluded its investigation into the cryptocurrency exchange Crypto.com without pursuing any enforcement action.
The exchange revealed this news in a blog post on March 27th. Crypto.com had previously received a Wells notice from the SEC before initiating a lawsuit against the agency in October 2024, claiming the SEC had overstepped its authority. This lawsuit was later dismissed in December.
Nick Lundgren, Crypto.com’s Chief Legal Officer, expressed his satisfaction with the outcome, stating, “We are pleased that the current SEC leadership has made the decision to close its investigation into Crypto.com with no enforcement action or settlement”. He also criticised the previous SEC leadership, alleging that the agency had misused its power to target the crypto industry.
Crypto.com’s CEO, Kris Marszalek, also commented on the matter in a post on X, describing the regulatory stance of the previous U.S. administration as a “war on crypto”.
According to Marszalek, the previous administration attempted to stifle the industry by restricting access to essential services such as banking, auditors, and investors. He further stated his continued pride in how the crypto industry and its community have weathered these challenges.
Notably, Crypto.com claims to be the only major global cryptocurrency exchange that has neither been sued by the SEC nor settled allegations with the regulator. The company reports holding over 100 regulatory approvals worldwide, including state money transmitter licenses in more than 40 U.S. states.
It has also secured registrations with key U.S. agencies like the Financial Crimes Enforcement Network, the Commodity Futures Trading Commission, and the Financial Industry Regulatory Authority.
The decision to close the investigation is in line with a recent shift in the SEC’s approach to regulations under acting Chair Mark Uyeda.
The agency has reportedly withdrawn its lawsuits against several other crypto entities, including OpenSea, Uniswap (UNI), Coinbase, Consensys, Robinhood, Gemini, and Immutable (IMX), in recent weeks. Additionally, the SEC has established a Crypto Task Force, led by Commissioner Hester Peirce, which has announced plans for public roundtables on key industry regulatory topics.
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