The U.S. Securities and Exchange Commission (SEC) has officially closed its investigation into Crypto.com, marking a significant milestone for the popular cryptocurrency exchange. This decision came seven months after the SEC served Crypto.com with a Wells notice in August, indicating their intent to take legal action. According to the firm’s CEO, Kris Marszalek, the probe’s closure is a testament to the resilience of the company and its vision for the future of crypto.
In a statement made on March 27, Marszalek expressed confidence in their ability to thrive despite challenges, stating, “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!” This reflects not only the determination of Crypto.com but a larger movement within the industry as it continues to face scrutiny from regulatory bodies.
The closure of the investigation coincides with a trend where the SEC has been rolling back previous enforcement actions. Notably, this shift in approach has included dismissing lawsuits against other major crypto entities, with names like Coinbase, Robinhood, and Gemini being part of this wave of decisions. This shift in regulatory tone under the current SEC leadership suggests a potential thaw in the previously strained relationship between the commission and the crypto industry.
Furthermore, Crypto.com’s chief legal officer, Nick Lundgren, added, “We are pleased that the current SEC leadership has made the decision to close its investigation into Crypto.com,” implying criticism of the previous administration’s handling of crypto regulations. The SEC, now led by Mark Uyeda, established a Crypto Task Force to better navigate its interactions with the rapidly evolving digital asset landscape.
In related news, Crypto.com has recently partnered with Trump Media to launch a series of “Made in America”-themed exchange-traded funds (ETFs), adding another layer of ambition to its strategy. These funds will include a diverse basket of cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Solana (SOL), XRP (XRP), and Cronos (CRO). As the landscape changes, platforms like Crypto.com are poised to leverage these developments and continue their growth trajectories in the face of adversity.
