TLDR
- SEC officially closed its investigation into Crypto.com without taking any enforcement action
- Crypto.com had previously received a Wells Notice and filed a lawsuit against the SEC in October 2024
- The exchange remains the only major global crypto platform not sued by or settled with the SEC
- The decision aligns with a recent shift in the SEC’s regulatory approach under acting Chair Mark Uyeda
- Crypto.com maintains over 100 regulatory approvals worldwide, including licenses in 40+ U.S. states
Regulatory Victory
The U.S. Securities and Exchange Commission (SEC) has formally concluded its investigation into cryptocurrency exchange Crypto.com without pursuing any enforcement action. This decision, announced on March 27, marks a turning point for the exchange, which had been under investigation by the regulator.
Crypto.com revealed the news in a blog post, noting that it had previously received a Wells Notice from the SEC. This notice, issued in August 2024, is a preliminary indication that the regulator might take enforcement action based on its findings.
In response to the Wells Notice, Crypto.com filed a lawsuit against the SEC in October 2024. The exchange claimed the regulator had overstepped its authority by attempting to regulate tokens as securities.
The lawsuit was later withdrawn in December following Donald Trump’s victory in the U.S. presidential election. This withdrawal came as the regulatory landscape began to shift with the incoming administration.
Company Response
Nick Lundgren, Chief Legal Officer at Crypto.com, welcomed the SEC’s decision to end the investigation.
“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,” he said.
Lundgren criticized the previous SEC leadership, claiming the agency had misused its power.
He stated that the SEC had “weaponized and attempted to expand its congressionally granted power in order to harm an industry that its former chair disfavored.”
Kris Marszalek, CEO of Crypto.com, also commented on the matter in a March 28 post on X. He described the previous administration’s regulatory stance as a “war on crypto.”
The SEC’s investigation into https://t.co/pFc4Pz9nFR has been closed with no action being taken against https://t.co/pFc4Pz9nFR.
— Kris | Crypto.com (@kris) March 27, 2025
According to Marszalek, the previous administration tried to limit the industry’s growth. They did this by restricting access to banking services, auditors, and investors.
“It is unfortunate that we were forced to endure this years-long investigation and file our own suit against the SEC to protect the rule of law,” Lundgren added. This statement reflects the company’s frustration with the regulatory process.
Broader Regulatory Shift
Crypto.com now stands as the only major global cryptocurrency exchange that has neither been sued by the SEC nor settled allegations with the regulator. This unique position highlights the company’s compliance efforts in a heavily scrutinized industry.
The exchange maintains over 100 regulatory approvals worldwide. These include state money transmitter licenses in more than 40 U.S. states.
Crypto.com has secured registrations with key U.S. agencies. These include the Financial Crimes Enforcement Network, the Commodity Futures Trading Commission, and the Financial Industry Regulatory Authority.
The SEC’s decision to close the investigation aligns with a recent shift in its approach to regulations. This change has occurred under the temporary leadership of acting Chair Mark Uyeda.
In recent weeks, the SEC has withdrawn lawsuits against several crypto companies. These include OpenSea, Uniswap, Coinbase, Consensys, Robinhood, Gemini, and Immutable.
The regulator has also established a Crypto Task Force. This group is led by Commissioner Hester Peirce, who has been supportive of clearer crypto regulations.
The task force recently announced plans to hold public roundtables. These will focus on key regulatory topics affecting the crypto industry in the coming months.
President Trump has nominated Paul Atkins as the new SEC Chair. Atkins reportedly has a net worth of over $328 million, including up to $6 million in crypto-related assets.
“Compliance and integrity are core to Crypto.com’s business, and we are excited to work with soon-to-be-confirmed Chair Atkins and the rest of the Commission on our long-awaited desire for legislation and rulemaking,” Lundgren stated.
The SEC’s decision regarding Crypto.com follows similar actions toward other crypto companies. The regulator has dropped lawsuits against Kraken, Coinbase, and Ripple Labs, along with investigations into companies like Gemini.
These regulatory shifts suggest a changing approach to cryptocurrency regulation in the United States. Under new leadership, the SEC appears to be reevaluating its stance toward the crypto industry.
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