The US SEC has dismissed the case against Crypto.com, which was previously accused of regulatory overreach, without any enforcement actions.
CEO Kris Marszalek wrote on X that the probe has been closed “with no action being taken against Crypto.com.”
“The fact that we not only persevered but became stronger is a testament to our vision and the community supporting it. Onwards!”
Crypto.com received a Wells Notice from the regulator in October 2024, indicating that the agency might take enforcement action related to its token sales. Following the notice, the exchange filed a lawsuit against the SEC arguing that the agency is overstepping its authority by classifying most cryptocurrency transactions as securities.
Crypto.com previously dropped its lawsuit against the SEC in December 2024.
Crypto.com “Pleased” With Current SEC Leadership
Nick Lundgren, Chief Legal Officer of Crypto.com said that he is “pleased” with the current SEC leadership under Trump’s administration.
“Under the previous administration, the SEC weaponized and attempted to expand its congressionally granted power in order to harm an industry that its former chair disfavoured.”
He added that it was “unfortunate” that Crypto.com was forced to undergo years-long investigation and file “own suit against the SEC to protect the rule of law.”
“Compliance and integrity are core to Crypto.com’s business and we are excited to work with soon-to-be-confirmed Chair Atkins and the rest of the Commission on our long-awaited desire for legislation and rulemaking,” Lundgren added.
Regulator’s Crypto Enforcement Actions Dismissals
The Securities and Exchange Commission (SEC) slapped several crypto firms last year under the leadership of Gary Gensler. However, most enforcement actions against these firms were withdrawn in recent months.
Acting SEC Chairman Mark T. Uyeda said in a statement following the dismissal of civil enforcement action against Coinbase, that the agency’s “ongoing efforts” is to “rectify its approach and develop crypto policy in a more transparent manner.”
The agency has already dropped probes against Gemini, Robinhood, Coinbase, OpenSea and UniSwap, to name a few.
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