The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into cryptocurrency exchange Crypto.com without taking any enforcement action, according to CEO Kris Marszalek.
The closure marks the end of a seven-month probe that began in August 2023 when the SEC issued a Wells notice to the platform, indicating potential legal action.
"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 stated in a social media post on March 27.
The company's chief legal officer Nick Lundgren welcomed the decision while criticizing the previous SEC administration's approach to crypto regulation. Crypto.com had filed a lawsuit against the SEC in October 2023, challenging what it viewed as regulatory overreach.
This development is part of a broader shift in the SEC's stance toward crypto companies under acting chair Mark Uyeda, who took over from Gary Gensler in January 2024. In recent weeks, the commission has dropped investigations into several major crypto platforms including Coinbase, Consensys, Robinhood, and Gemini.
The SEC has established a dedicated Crypto Task Force under Commissioner Hester Peirce and reversed previous policies, including a rule that required financial firms to record crypto holdings as liabilities.
In a separate development, Crypto.com recently announced a partnership with Trump Media to launch "Made in America" themed exchange-traded funds, where the platform will provide infrastructure and custody services for various cryptocurrency tokens.