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The US securities regulator closed its probe into Crypto.com seven months after serving the crypto platform with a Wells notice in August.
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The US Securities and Exchange Commission has officially closed its investigation into Crypto.com, with no action taken against the crypto exchange, according to the firm’s CEO, Kris Marszalek.
”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,” Marszalek said in a March 27 X post.
It comes seven months after the SEC issued a Wells notice to the crypto platform in August, signaling its intention to take legal action against the firm.
We are pleased that the current SEC leadership has made the decision to close its investigation into Crypto.com,” added Crypto.com’s chief legal officer Nick Lundgren in a March 27 statement, which accused the previous administration of abusing its authority to harm the crypto industry.
Source: Kris Marszalek
Crypto.com had filed a lawsuit against the SEC in October, two months after the Wells notice, accusing the Gary Gensler-led commission of overstepping its authority and taking a “misguided” approach to crypto regulation.
SEC continues to roll back previous enforcement actions
Crypto.com’s announcement follows a wave of other crypto investigations and lawsuits dropped by the SEC over the last five weeks, which affected the likes of Coinbase, Consensys, Robinhood, Gemini, Uniswap, OpenSea and more recently, Immutable.
The SEC also dismissed its civil enforcement action against crypto trading firm Cumberland DRW with prejudice on March 27.
Related: Ripple will drop cross-appeal in SEC case, get refund from lower court ruling
The SEC has adopted a far friendlier approach since Mark Uyeda started leading the commission as acting chair on Jan. 20 after the resignation of former chair Gary Gensler. The SEC established a Crypto Task Force led by SEC Commissioner Hester Peirce to support this new approach.
It also canceled a controversial rule that asked financial firms holding crypto to record them as liabilities on their balance sheets on Jan. 23.
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