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Crypto.com announced that the U.S. Securities and Exchange Commission (SEC) had ended its investigation into the exchange, making it the latest crypto firm to have its probe concluded.
In a statement on Thursday, Crypto.com confirmed that the SEC would not be pursuing any enforcement action against the company. The SEC has yet to respond to requests for comment.
Under the previous administration, the SEC weaponized and attempted to expand its congressionally granted power to harm an industry that its former chair disfavored, according to Crypto.com Chief Legal Officer Nick Lundgren. He added that it was unfortunate they had to endure a years-long investigation and file their own lawsuit against the SEC to protect the rule of law.
The SEC has recently dismissed multiple investigations and lawsuits against crypto firms, including those involving Kraken and Coinbase. Earlier this month, the agency also opted to drop its appeal in the case against Ripple.
Crypto.com’s legal battle and the SEC’s changing stance on crypto regulation
Crypto.com filed a lawsuit against the SEC in October after receiving a Wells notice, signalling the potential for charges. In its lawsuit, Crypto.com argued that the SEC had overreached its jurisdiction and challenged the agency’s stance that most cryptocurrencies should be classified as securities. That lawsuit was dropped in December.
The regulatory watchdog has changed significantly over the past several weeks following the beginning of the Trump administration and former SEC Chair Gary Gensler’s exit at the beginning of the year. Since the year began, the SEC has rescinded controversial crypto accounting guidance, dropped enforcement actions against major crypto industry players and formed a crypto task force.
Additionally, on Wednesday, President Donald Trump’s pick for the SEC chairmanship, Paul Atkins, faced questions from lawmakers about the agency’s past actions and his ties to bankrupt FTX. Atkins said he planned to make creating a regulatory framework for digital assets a “top priority.”
According to its statement, Crypto.com serves more than 140 million customers worldwide. In a notable development, Trump Media and Technology Group Corp. announced earlier this week that it had signed a non-binding agreement with Crypto.com to collaborate on launching a range of exchange-traded funds and products under the Truth.Fi fintech brand.
SEC drops multiple crypto cases, but some firms still face uncertainty
In the fewer than three months since U.S. President Donald Trump took office, the SEC’s investigations into crypto exchange Gemini, trading platform Robinhood, non-fungible token (NFT) marketplace OpenSea, NFT company Yuga Labs, and Immutable, and now Crypto.com have all been dropped, with no enforcement charges filed.
The agency’s litigation against crypto companies, including Kraken, Coinbase, ConsenSys, Ripple, and Cumberland DRW, has also been dropped. Still, more litigation has been paused, including the SEC’s cases against Tron and Binance.
But, not everyone who received a Wells notice is off the SEC’s hook yet. Crypto issuer Unicoin received a Wells notice last year informing the firm that the SEC planned to bring charges alleging violations related to fraud, deceptive practices and the offer and sale of unregistered securities.
A spokesperson for Unicoin recently said that the firm “remains in the final stages of the SEC review process. The spokesperson noted:
“As of now, we have not received any new updates or formal feedback from the SEC regarding our registration. We are fully committed to compliance and transparency, and we continue to work toward securing the necessary approvals for our planned offerings.”
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