TLDR

• SEC closed its investigation into Crypto.com with no enforcement action
• Crypto.com had previously received a Wells Notice and sued the SEC in October 2024
• The exchange withdrew its lawsuit in December following Trump’s election victory
• Crypto.com remains the only major global crypto exchange not sued by or settled with the SEC
• SEC has recently withdrawn several lawsuits against crypto companies under acting Chair Mark Uyeda

The Securities and Exchange Commission (SEC) has officially closed its investigation into cryptocurrency exchange Crypto.com without taking any enforcement action. This decision marks a turning point in the regulatory landscape for cryptocurrency companies in the United States.

Crypto.com announced the news in a blog post on March 27, 2025. The exchange had previously received a Wells Notice from the SEC, which is a preliminary notice that indicates the regulator is considering enforcement action.

In response to the Wells Notice, Crypto.com filed a lawsuit against the SEC in October 2024. The exchange claimed 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. This dismissal came after Donald Trump’s victory in the presidential election, which signaled a potential shift in 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. He claimed that the agency had “weaponized and attempted to expand its congressionally granted power” to harm the cryptocurrency industry.

A New Chapter in Crypto Regulation

Kris Marszalek, CEO of Crypto.com, shared similar sentiments on X (formerly Twitter) on March 28. He described the previous administration’s regulatory stance as a “war on crypto.”

According to Marszalek, the previous administration tried to limit the industry’s growth. They did this by restricting access to banking services, auditors, and investors.

The SEC’s investigation into https://t.co/pFc4Pz9nFR has been closed with no action being taken against https://t.co/pFc4Pz9nFR.

— Kris | Crypto.com (@kris) March 27, 2025

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. These include state money transmitter licenses in more than 40 U.S. states.

Crypto.com has also secured registrations with key U.S. agencies. These include 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.

These companies include 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.

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