Crypto.com has officially been cleared by the U.S. Securities and Exchange Commission, marking the end of a months-long investigation that once threatened the crypto exchange’s operations.
SEC Drops Investigation Seven Months After Wells Notice
Crypto.com CEO Kris Marszalek announced on March 27 that the SEC has closed its investigation without pursuing enforcement action. This comes seven months after the regulator issued a Wells notice in August 2024, signaling a potential lawsuit at the time.
Marszalek addressed the development on X, stating, “They used every tool available to attempt to stifle us — restricting access to banking, auditors, investors, and beyond. It was a calculated attempt to put an end to the industry. The fact that we not only persevered but became stronger is a testament to our vision and the community supporting it.”
Nick Lundgren, Crypto.com’s chief legal officer, echoed this sentiment in a company statement, noting that the SEC’s earlier actions were part of an overreaching approach by the previous administration.
Crypto.com Lawsuit and Regulatory Shift
Crypto.com had filed a lawsuit against the SEC in October, just two months after receiving the Wells notice. The platform accused the commission, then led by Gary Gensler, of regulatory overreach and mismanagement of crypto-related issues.
Since the beginning of 2025, however, the SEC has shifted its stance. Under acting chair Mark Uyeda, who stepped in after Gensler’s resignation, the SEC has taken a more crypto-friendly approach. A new Crypto Task Force, led by Commissioner Hester Peirce, was created to realign the agency’s oversight.
The SEC has also been rolling back enforcement actions and dismissing lawsuits involving major players like Coinbase, Consensys, Robinhood, Gemini, Uniswap, OpenSea, and Immutable.
On the same day Crypto.com was cleared, the SEC dismissed its civil case against Cumberland DRW with prejudice, signaling a permanent end to that legal battle.
Political and Market Implications
These regulatory reversals come as Paul Atkins, a pro-crypto nominee under former President Trump, moves closer to becoming the permanent SEC chair. Atkins’ confirmation was initially delayed over financial disclosures but is reportedly gaining traction.
Crypto.com, meanwhile, continues to expand. On March 24, it announced a partnership with Trump Media to launch “Made in America”-themed exchange-traded funds (ETFs). The platform will provide infrastructure and custody services for a set of tokens that may include Bitcoin and other digital assets.
