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SEC Closes Investigation into Crypto.com : A Major Win for the Cryptocurrency Sector !
SEC closes its case against Crypto.com, CEO confirms no penalties for the exchange. Explore the implications of this shift by the SEC on cryptocurrencies.
The United States Securities and Exchange Commission (SEC) has finally concluded its investigation into the cryptocurrency exchange Crypto.com, without taking any enforcement action. This is very positive news for the company, which had to deal with aggressive legal proceedings from the regulator last year.
In a post on X (formerly Twitter), the CEO of Crypto.com, Kris Marszalek, confirmed that the SEC’s investigation has now been closed “without any actions taken against Crypto.com”. He added that this outcome was “proof that not only did we persevere, but we have become stronger, a testament to our vision and the support of our community. Onward!”
“The fact that we not only persevered, but have become stronger, is a testament to our vision and the support of our community. Onward! #FFTB.” Says Kris from Crypto.com (@kris).
A Shift at the SEC, a Win for Cryptos
Last year, under the leadership of Gary Gensler, the SEC issued a Wells Notice to Crypto.com, indicating that the agency might pursue legal action regarding the sale of its tokens. Following this notice, the exchange filed a complaint against the SEC, arguing that the agency was overreaching by categorizing most cryptocurrency transactions as securities.
Crypto.com eventually withdrew its complaint against the SEC in December 2024.
Nick Lundgren, the legal counsel of Crypto.com, expressed being “pleased” with the current direction of the SEC under the Trump administration.
“Under the previous administration, the SEC used and sought to expand its congressionally granted authority to harm an industry that its former chairman didn’t appreciate.”
He added that it was “regrettable” that Crypto.com had to undergo a multi-year investigation and file “its own complaint against the SEC to protect the rule of law.”
“Compliance and integrity are at the heart of Crypto.com’s business, and we look forward to working with the incoming Chairman Atkins and the rest of the Commission on our long-standing desire to legislate and establish regulations,” Lundgren concluded.
The SEC pursued several legal actions against cryptocompanies last year under Gary Gensler’s leadership. However, most of these lawsuits have been dropped in recent months.
The SEC’s Acting Chairman, Mark T. Uyeda, stated in a press release following the dismissal of the civil lawsuit against Coinbase, that the agency’s “ongoing efforts” are aimed at “correcting its approach and developing a more transparent crypto policy.”
TODAY: The SEC has formally announced the dismissal of civil enforcement action against Kraken, Consensys, and Cumberland as part of its efforts to reform and renew regulatory approach to the crypto industry. pic.twitter.com/gjMqEuim00
The SEC has already dropped investigations against Gemini, Robinhood, Coinbase, OpenSea, and UniSwap, to name a few.
This shift indicates a change in approach by the SEC under the new administration, more inclined to collaborate with the crypto industry rather than confront it head-on. A beneficial evolution for the entire sector.
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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DISCLAIMER
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TODAY: The SEC has formally announced the dismissal of civil enforcement action against Kraken, Consensys, and Cumberland as part of its efforts to reform and renew regulatory approach to the crypto industry. pic.twitter.com/gjMqEuim00
