Without pursuing any enforcement action, the U.S. Securities and Exchange Commission has formally concluded its investigation into Crypto.com.
In a blog post on Mar. 27, the exchange revealed the news, pointing out that it had previously received a Wells notice from the SEC before suing the agency in October 2024. The lawsuit, which claimed the SEC had overstepped its authority, was later dismissed in December. The investigation has now ended with no penalties.
Nick Lundgren, Crypto.com’s Chief Legal Officer, welcomed the decision, 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 leadership, claiming the agency had misused its power to target the crypto industry.
Crypto.com’s CEO Kris Marszalek also weighed in on a Mar. 28 post on X, describing the previous administration’s regulatory stance as a “war on crypto.” According to Marszalek, the previous administfation attempted to stifle the industry by restricting access to essential services like banking, auditors, and investors.
Crypto.com remains the only major global cryptocurrency exchange that has neither been sued by the SEC nor settled allegations with the regulator. The company maintains over 100 regulatory approvals worldwide, including state money transmitter licenses in over 40 U.S. states.
It has secured registrations with key U.S.agencies like the Financial Crimes Enforcement Network, the Commodity Futures Trading Commission, and the Financial Industry Regulatory Authority.
The decision to close the investigation aligns with the recent shift in the SEC’s approach to regulations under acting Chair Mark Uyeda. The agency has withdrawn its lawsuits against OpenSea, Uniswap (UNI), Coinbase, Consensys, Robinhood, Gemini, and Immutable (IMX) in recent weeks.
It has also established a Crypto Task Force, led by Commissioner Hester Peirce, which recently revealed plans to hold public roundtables on key industry regulatory topics in the coming months.
