In a surprising turn of events, the U.S. Securities and Exchange Commission (SEC) has officially ended its investigation into Crypto.com, closing a seven-month-long probe without filing charges.
The decision comes after the exchange received a Wells notice from the regulator in August 2023, signaling potential enforcement action. But in the end? Nothing.
Crypto.com CEO Slams Regulators for Attempting to “Shut Down the Industry”
Crypto.com CEO Kris Marszalek took to social media on March 27 to confirm the news, making it clear that the exchange had fought an uphill battle against regulators.
“Every possible tool was used to try and hold us back—blocking access to banking, auditors, and investors. It was a deliberate move to shut down the industry.”
His frustration echoes a broader sentiment in the crypto industry, where firms have repeatedly clashed with U.S. regulators over what many call hostile enforcement actions.
Crypto.com’s Chief Legal Officer, Nick Lundgren, also addressed the outcome, welcoming the SEC’s decision while calling out the previous administration’s aggressive stance on crypto regulation.
“We welcome the decision by the current SEC leadership to end its investigation into Crypto.com.”
But the real question remains: Why did the SEC back off now?
Regulatory Shift: SEC Pulling Back on Crypto Crackdowns?
Crypto.com’s case isn’t an isolated incident. In the past month, the SEC has backed away from multiple enforcement actions, dropping cases against big-name firms like Coinbase, Consensys, Robinhood, Gemini, Uniswap, and OpenSea.
Just hours before the Crypto.com news, the agency also closed its case against Cumberland DRW, a crypto trading firm. On top of that, the SEC recently scrapped a controversial rule that would have forced financial institutions to report crypto holdings as liabilities—a move that critics argued was designed to choke off access to banking services for crypto businesses.
What’s driving this sudden shift? Leadership changes at the SEC.
New SEC Leadership = New Rules?
Since Mark Uyeda took over as acting SEC Chair on January 20, 2025, the agency’s tone on crypto regulation has softened significantly. Uyeda stepped in after Gary Gensler’s resignation, marking a break from his aggressive enforcement strategy that put countless crypto companies in the crosshairs.
The SEC has also formed a Crypto Task Force, led by Commissioner Hester Peirce, known for her pro-crypto stance. Meanwhile, Paul Atkins, a former SEC commissioner nominated by Donald Trump, is expected to take over as the next permanent SEC Chair, potentially signaling even more regulatory relief for crypto firms.
Crypto.com Moves Forward with Expansion Plans
With the SEC’s investigation officially behind it, Crypto.com isn’t wasting any time. The exchange is already moving ahead with its next big play: a partnership with Trump Media to launch a series of “Made in America” ETFs.
Announced on March 24, the deal will see Crypto.com handle the technical infrastructure and custody of assets backing these ETFs, which could include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Cronos (CRO).
Final Take: The SEC’s Crypto War is Fading
For years, the SEC has been the biggest roadblock to crypto adoption in the U.S. But with leadership changes, regulatory crackdowns easing, and firms like Crypto.com winning key battles, it looks like the industry is finally turning the tide.
One thing is certain: The SEC’s grip on crypto is slipping—and Crypto.com just proved it
