Crypto.com: SEC Investigation Closed
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Good news for Crypto.com! The US Securities and Exchange Commission has officially wrapped up its investigation into the platform and, according to CEO Kris Marszalek, decided to take no further action.
Marszalek didn’t mince words about the experience, stating in a tweet on March 27 that regulators “used every tool available” in an attempt to “stifle” Crypto.com. He claimed these tactics included limiting their access to crucial services like banking, auditors, and even investors, alleging, “It was a calculated attempt to put an end to the industry.”
”The fact that we not only persevered but became stronger is a testament to our vision and the community supporting it. Onwards!”
This positive resolution comes after a tense period. Back in August, the SEC had issued a Wells notice to Crypto.com, a formal heads-up indicating they were planning to pursue legal action against the crypto exchange.
Crypto.com’s chief legal officer, Nick Lundgren, echoed the relief in a March 27 statement, which added that they are “pleased that the current SEC leadership has made the decision to close its investigation.” Lundgren also pointedly accused a previous SEC administration of overstepping its bounds to the detriment of the crypto industry.
Source: Kris Marszalek
Demonstrating their proactive stance, Crypto.com had actually filed a lawsuit against the SEC in October, just two months after receiving the Wells notice. Their suit challenged the Gary Gensler-led commission, accusing them of exceeding their regulatory authority and adopting a “misguided” approach to crypto as a whole.
SEC continues to roll back previous enforcement actions
The Crypto.com news is part of a noticeable trend. Over the past five weeks, the SEC has been dropping a number of crypto investigations and lawsuits also impacting major players such as Coinbase, Consensys, Robinhood, Gemini, Uniswap, OpenSea, and more recently, Immutable.
Adding to this shift, the SEC also dismissed its enforcement action against crypto trading firm Cumberland DRW “with prejudice” – meaning it cannot be refiled – also on March 27.
Related: Ripple will drop cross-appeal in SEC case, get refund from lower court ruling
This apparent change in approach at the SEC coincides with Mark Uyeda taking the helm as acting chair on January 20, following Gary Gensler’s resignation. Notably, the SEC has established a dedicated Crypto Task Force, spearheaded by Commissioner Hester Peirce, to guide this evolving strategy.
Further signaling a friendlier stance, the SEC also reversed a contentious rule on January 23 that would have required financial firms to list crypto holdings as liabilities on their balance sheets.
Looking ahead at potential leadership changes, Paul Atkins, Trump’s nominee for SEC chair, is moving closer to confirmation after addressing previous financial disclosure hurdles.
Meanwhile, Crypto.com isn’t standing still. On March 24, they announced a partnership with Trump Media to launch a series of exchange-traded funds themed “Made in America” later this year.
Crypto.com will be providing the essential infrastructure and custody services to support these ETFs, which are expected to include a collection of crypto tokens, potentially featuring Bitcoin
, Ether
, Solana , XRP and Cronos
.
Magazine: SEC’s U-turn on crypto leaves key questions unanswered
