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The U.S. Securities and Exchange Commission (SEC) has officially closed its investigation into Crypto.com without pursuing any legal action, marking a major victory for the crypto exchange. The platform’s CEO, Kris Marszalek, confirmed the news in a March 27 post on X, highlighting the industry’s resilience against regulatory pressure.
“They used every tool available to stifle us—blocking access to banking, auditors, and investors. It was a calculated attempt to end the industry,” Marszalek wrote. He celebrated Crypto.com’s ability to not only withstand the SEC’s scrutiny but emerge stronger and more resilient.
The decision comes seven months after the SEC issued a Wells notice to Crypto.com in August 2024, signaling its intention to take enforcement action. However, following months of legal battles, the SEC backed down, prompting Crypto.com’s chief legal officer, Nick Lundgren, to criticize the previous administration for its “abuse of authority” aimed at harming the crypto sector.
SEC Shifts Gears Under New Leadership
Crypto.com’s legal triumph is part of a broader trend of the SEC rolling back its aggressive enforcement actions. Over the past five weeks, the regulator has dropped or softened its cases against major crypto firms, including Coinbase, Consensys, Robinhood, Uniswap, Gemini, OpenSea, and most recently, Immutable.
In a significant move, the SEC also dismissed its civil enforcement case against crypto trading firm Cumberland DRW with prejudice on March 27, indicating it cannot reopen the case in the future.
Industry experts attribute this shift to the leadership change at the SEC. Following Gary Gensler’s resignation, Mark Uyeda took over as acting chair on January 20, ushering in a friendlier regulatory environment. The SEC also formed a Crypto Task Force, led by Commissioner Hester Peirce, to promote fair and clear oversight of the industry.
Crypto.com Eyes Expansion
While celebrating the regulatory victory, Crypto.com continues to expand its footprint. On March 24, the exchange announced a partnership with Trump Media to launch a series of “Made in America” exchange-traded funds (ETFs).
Set to debut later this year, the ETFs will feature a basket of cryptocurrencies, including Bitcoin, Ether, Solana, XRP, and Cronos, with the exchange providing the infrastructure and custody services.
