The U.S. Securities and Exchange Commission (SEC) has officially closed its investigation into the cryptocurrency exchange Crypto.com without filing charges.
The case had started in August 2024 when the SEC issued a Wells Notice to Crypto.com. A Wells Notice is a formal warning that usually means the SEC is planning to sue a company.
Crypto.com Faced Major Challenges During Probe
Following the Wells Notice, Crypto.com faced several setbacks. CEO Marszalek claimed that the SEC’s actions restricted the company’s access to banks, auditors, and investors. He said the regulator tried to weaken not just Crypto.com but the entire crypto industry.
“They used every tool available to attempt to stifle us,” Marszalek wrote. “The fact that we not only persevered but became stronger is a testament to our vision and the community supporting it.”
Crypto.com also took legal action against the SEC. In October 2024, the company sued the regulator. The SEC was accused of going beyond its legal authority and using an unfair approach to crypto regulation. At that time, the SEC was chaired by Gary Gensler, who was often criticized by the crypto industry for aggressive enforcement.
Meanwhile, Crypto.com is moving forward with expansion plans. Just a few days ago, the exchange partnered with Trump Media. Together, they plan to launch new “Made in America”-themed crypto exchange-traded funds (ETFs) later this year. Crypto.com will provide the technology and custody services to manage the crypto tokens in these ETFs. The funds may include popular cryptocurrencies like Bitcoin, Ethereum, Solana, XRP, and Crypto.com’s own token, Cronos.
SEC Changing Its Tone Under New Leadership
Besides Crypto.com, SEC has closed several cases against crypto exchanges since January 2025. After Gary Gensler stepped down, acting SEC Chair Mark Uyeda has softened the commission’s stance on crypto. Under Uyeda, the SEC dropped several lawsuits and investigations against major crypto companies, including Coinbase, Consensys, Robinhood, Gemini, Uniswap, and Immutable.
On March 27, the same day the regulator ended its investigation into Crypto.com, it also dismissed a civil enforcement action against the trading firm Cumberland DRW. The commission also scrapped a controversial rule in January that required financial firms holding crypto to record them as liabilities on their balance sheets.
The SEC also created a Crypto Task Force led by Commissioner Hester Peirce to handle crypto-related matters more openly. At the same time, Paul Atkins, who is supportive of crypto, is close to becoming the new SEC chairman under Donald Trump’s administration. This could mean even more changes ahead for crypto regulation in the U.S.