The U.S. Securities and Exchange Commission (SEC) has officially closed its investigation into Crypto.com without pursuing any enforcement action. This development follows a Wells Notice issued to the cryptocurrency exchange in August 2024, which had signalled potential legal proceedings.
Kris Marszalek, CEO of Crypto.com, expressed relief and resilience in a statement on March 27, 2025:
"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."
In response to the initial Wells Notice, Crypto.com filed a lawsuit against the SEC in October 2024, accusing the agency of overstepping its authority. The exchange withdrew its lawsuit in December 2024, following changes in the SEC's leadership and regulatory approach.
Nick Lundgren, Chief Legal Officer of Crypto.com, commented on the closure:
"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."
This resolution aligns with a broader trend of the SEC revaluating its stance on cryptocurrency regulation. Notably, the SEC also dismissed its civil enforcement action against crypto trading firm Cumberland DRW with prejudice on March 27, 2025.
These developments suggest a shift towards a more collaborative and clear regulatory framework for the cryptocurrency industry
