The U.S. Securities and Exchange Commission (SEC) has reportedly informed Crypto.com that it has officially closed its investigation into Crypto.com and will file “no enforcement action against the company.”
This follows Crypto.com receiving a Wells notice from the US SEC and Crypto.com “filing suit against the SEC in October 2024.”
Crypto.com previously dropped its “lawsuit against the SEC in December 2024.”
Nick Lundgren, Chief Legal Officer of Crypto.com said:
“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. Under the previous administration, the SEC weaponized and attempted to expand its congressionally granted power in order to harm an industry that its former chair disfavored. It is unfortunate that we were forced to endure this years-long investigation and file our own suit against the SEC to protect the rule of law. 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.”
Notably, Crypto.com claims that it was the full-service global cryptocurrency exchange to avoid “being sued by the SEC or to have settled any allegation against it.”
They are focused on obtaining “licenses, registrations and security certifications, maintaining more than 100 regulatory approvals to operate in jurisdictions around the world – including a registered money services business with the Financial Crimes Enforcement Network (FinCEN), more than 40 state money transmitter licenses, and registration as a designated contract market (DCM) and derivatives clearing organization (DCO) with the CFTC, a FINRA-registered broker-deal, and a licensed qualified custodian for digital assets.”
Crypto.com said that it will continue to support the “design of regulatory frameworks built for purpose in today’s digital economy, and we remain fully committed to and investing in the advancement of our business in the U.S.”
Founded in 2016, Crypto.com says that it is trusted by “more than 140 million customers worldwide and is the industry leader in regulatory compliance, security and privacy. ”
Their vision is: Cryptocurrency in Every Wallet.
Crypto.com noted that it is committed to accelerating the “adoption of cryptocurrency through innovation and empowering the next generation of builders, creators, and entrepreneurs to develop a fairer and more equitable digital ecosystem.”