The U.S. Securities and Exchange Commission has officially wrapped up its inquiry into Crypto.com without taking any enforcement actions.
In a blog entry dated March 27, the exchange announced this development, noting that it had previously been issued a Wells notice by the SEC prior to filing a lawsuit against the agency in October 2024. The lawsuit, which alleged that the SEC had exceeded its jurisdiction, was ultimately dismissed in December. The investigation has concluded without any penalties being imposed.
Nick Lundgren, Crypto.com’s Chief Legal Officer, expressed his approval of the ruling, stating:
“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 criticized the previous SEC administration, asserting that the agency had abused its authority to target the crypto sector.
Crypto.com’s CEO Kris Marszalek also commented in a March 28 message on X, labeling the past administration’s regulatory approach as a “war on crypto.” Marszalek argued that the prior leadership attempted to hinder the industry by limiting access to key services such as banking, auditors, and investors.
Currently, Crypto.com stands out as the only major global cryptocurrency exchange that has neither faced a lawsuit from the SEC nor reached any settlements with the regulatory body. The company holds over 100 regulatory approvals globally, including state money transmitter licenses in more than 40 U.S. states.
It has also obtained registrations with crucial U.S. agencies like the Financial Crimes Enforcement Network, the Commodity Futures Trading Commission, and the Financial Industry Regulatory Authority.
This conclusion of the investigation reflects a recent shift in the SEC’s regulatory strategy under acting Chair Mark Uyeda. The agency has recently retracted lawsuits against OpenSea, Uniswap (UNI), Coinbase, ConsenSys, Robinhood, Gemini, and Immutable (IMX).
Additionally, it has formed a Crypto Task Force, headed by Commissioner Hester Peirce, which announced plans to host public roundtable discussions on important regulatory topics in the coming months.