The US Securities and Exchange Commission (SEC) has wrapped up its investigation into Crypto.com. The company’s CEO, Kris Marszalek, announced that the regulator came to this decision without taking any action against the exchange. Marszalek hints at the struggles faced during this period, stating: “They used every tool available to attempt to stifle us, restricting access to banking, auditors, investors, and beyond”.
The SEC had launched its inquiry into Crypto.com seven months ago with a Wells notice, indicating a potential lawsuit was on the horizon. When the investigation halted, Crypto.com’s Chief Legal Officer, Nick Lundgren, also announced satisfaction with the decision, criticising the previous SEC administration of trying to harm the crypto industry.
Crypto.com had retorted back last year in October, two months after receiving the Wells notice, by filing a lawsuit against the SEC. They accused the then-SEC Chairman, Gary Gensler, of having a misguided approach to crypto regulation and for overstepping the commission’s boundary.
This announcement from Crypto.com follows numerous other examples of the SEC dropping past investigations and lawsuits in the past five weeks. These cases spanned across various crypto platforms like Coinbase, Uniswap, Robinhood, and more. Observers suggest this change in the SEC’s approach is reflective of Mark Uyeda’s leadership, who has been the acting chair from Jan. 20, following Gensler’s departure.
Crypto.com recently partnered with Trump Media and announced plans to launch an array of ‘Made in America’-themed exchange-traded funds (ETFs) later this year.