SEC Ends Crypto.com Probe, No Enforcement Action Taken

The Securities and Exchange Commission (SEC) has concluded its investigation into cryptocurrency exchange Crypto.com without taking any enforcement action. This development was announced by Crypto.com in a blog post on March 27, 2025, marking a significant milestone in the regulatory landscape for cryptocurrency companies in the United States.

Crypto.com had previously received a Wells Notice from the SEC, which is a preliminary notice indicating that the regulator was considering enforcement action. In response, Crypto.com filed a lawsuit against the SEC in October 2024, alleging that the regulatory agency had overstepped its authority in its approach to regulating cryptocurrency tokens as securities. The lawsuit was later dismissed in December 2024, following Donald Trump’s victory in the presidential election, which signaled a potential shift in the regulatory approach toward the cryptocurrency industry.

Nick Lundgren, Chief Legal Officer at Crypto.com, expressed satisfaction with the SEC’s decision. “We are pleased that the current SEC leadership has made the decision to close its investigation into Crypto.com with no enforcement action or settlement,” he stated. Lundgren criticized the previous SEC administration’s approach to cryptocurrency regulation, claiming that the agency had “weaponized and attempted to expand its congressionally granted power” to harm the cryptocurrency industry.

Kris Marszalek, CEO of Crypto.com, shared similar sentiments, describing the previous administration’s regulatory stance as a “war on crypto.” According to Marszalek, the previous administration tried to limit the industry’s growth by restricting access to banking services, auditors, and investors.

Crypto.com stands out as the only major global cryptocurrency exchange that has neither been sued by the SEC nor settled allegations with the regulator. This unique position highlights the company’s commitment to compliance. The exchange maintains over 100 regulatory approvals worldwide, including state money transmitter licenses in more than 40 U.S. states. Crypto.com has also secured registrations with key U.S. agencies, such as the Financial Crimes Enforcement Network, the Commodity Futures Trading Commission, and the Financial Industry Regulatory Authority.

The SEC’s decision to end its investigation aligns with a recent shift in its approach under acting Chair Mark Uyeda. The agency has withdrawn lawsuits against several crypto companies in recent weeks, including OpenSea, Uniswap, Coinbase, Consensys, Robinhood, Gemini, and Immutable. This trend suggests a more lenient regulatory environment for cryptocurrency businesses.

The SEC has also established a Crypto Task Force led by Commissioner Hester Peirce. The task force recently announced plans to hold public roundtables on key regulatory topics in the coming months. President Trump has nominated Paul Atkins as the new SEC Chair. Atkins reportedly has a net worth of over $328 million, including up to $6 million in crypto-related assets.

Lundgren expressed optimism about working with the incoming SEC leadership. “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,” he said.