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The SEC has officially ended its investigation into Crypto.com without taking action, as part of a broader shift that has seen the regulator drop multiple cases against major crypto firms in recent weeks.
Investigation Concludes with No Action Taken
The U.S. Securities and Exchange Commission (SEC) has officially closed its investigation into Crypto.com, with no enforcement action taken against the exchange. Crypto.com’s CEO, Kris Marszalek, confirmed the development, stating that the firm had successfully navigated the regulatory scrutiny.
In a statement on March 27, Marszalek alleged that regulators had attempted to suppress the company and the broader crypto industry. In an X post, he wrote,
“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. The fact that we not only persevered but became stronger is a testament to our vision and the community supporting it. Onwards!”
Legal Battle and Regulatory Shift
The SEC’s decision to drop the probe comes seven months after it issued a Wells notice to Crypto.com in August, signaling potential enforcement action. In response, the exchange filed a lawsuit in October, accusing the regulator of exceeding its jurisdiction and taking a flawed approach to crypto regulation. The lawsuit was later withdrawn in December.
Nick Lundgren, Crypto.com’s chief legal officer, welcomed the SEC’s decision, stating,
“We are pleased that the current SEC leadership has made the decision to close its investigation into Crypto.com.”
Lundgren further criticized the previous SEC administration for allegedly overstepping its authority in an effort to hinder the crypto sector.
SEC’s Evolving Approach to Crypto Regulation
The closure of the Crypto.com probe is part of a broader shift in the SEC’s stance toward the crypto industry. In recent weeks, the regulator has dropped several cases and investigations against major crypto firms, including Kraken, Coinbase, Consensys, Robinhood, Gemini, Uniswap, OpenSea, and Immutable. Additionally, the agency decided to forgo an appeal in its case against Ripple and dismissed its enforcement action against Cumberland DRW on March 27.
Further signaling this shift, the SEC recently repealed a controversial rule that required financial institutions holding crypto assets to record them as liabilities on their balance sheets.
Changing Leadership
This regulatory shift coincides with changes in SEC leadership. Following the resignation of former Chair Gary Gensler, Mark Uyeda took over as acting chair on January 20, leading to a more lenient regulatory approach. The SEC also established a Crypto Task Force, headed by Commissioner Hester Peirce, to guide the agency’s evolving policy.
Meanwhile, Paul Atkins, a nominee favored by former President Donald Trump, is progressing toward confirmation as the new SEC chair.
The regulatory pivot suggests a potential thawing in the relationship between U.S. regulators and the crypto industry, offering firms greater clarity and stability moving forward.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
