Crypto.com probe by the SEC has officially closed, says CEO

The US Securities and Exchange Commission has officially closed its investigation into Crypto.com, with no action taken against the crypto exchange, according to the firm’s CEO, Kris Marszalek.”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,” Marszalek  said  in a March 27 X post.

”The fact that we not only persevered but became stronger is a testament to our vision and the community supporting it. Onwards!”

It comes seven months after the SEC issued a Wells notice to the crypto platform in August, signaling its intention to take legal action against the firm.We are pleased that the current SEC leadership has made the decision to close its investigation into Crypto.com,”  added  Crypto.com’s chief legal officer Nick Lundgren in a March 27 statement, which accused the previous administration of abusing its authority to harm the crypto industry.

Crypto.com had  filed  a lawsuit against the SEC in October, two months after the Wells notice, accusing the Gary Gensler-led commission of  overstepping its authority  and taking a “misguided” approach to crypto regulation.

SEC continues to roll back previous enforcement actions

Crypto.com’s announcement follows a wave of other crypto investigations and lawsuits dropped by the SEC over the last five weeks, which affected the likes of Coinbase, Consensys,  Robinhood,   Gemini,  Uniswap,  OpenSea  and more recently, Immutable.

The SEC also  dismissed  its civil enforcement action against crypto trading firm Cumberland DRW with prejudice on March 27.

The SEC has adopted a far friendlier approach since Mark Uyeda started leading the commission as acting chair on Jan. 20 after the resignation of former chair Gary Gensler. The SEC established a  Crypto Task Force  led by SEC Commissioner Hester Peirce to support this new approach.It also canceled a controversial rule that asked financial firms holding crypto to record them as liabilities on their balance sheets on Jan. 23.

Trump’s SEC chair nominee, Paul Atkins, is inching closer to becoming the  SEC’s new leader  after initially being held back by  financial disclosures. Meanwhile, Crypto.com  partnered with Trump Media  on March 24 to launch a series of “Made in America”-themed exchange-traded funds later this year.Crypto.com will provide the infrastructure and custody services to supply the crypto tokens for the ETFs, which may include a basket of tokens, including Bitcoin , Ether, Solana, XRPand Cronos