The U.S. Securities and Exchange Commission (SEC) has decided not to take any legal action against Crypto.com, marking the closure of the investigation into the cryptocurrency exchange. This comes after Crypto.com faced a lawsuit by the SEC back in October of last year.
In a statement released on Thursday, Crypto.com confirmed that the SEC will not be pursuing any legal action against the company. Chief Legal Officer Nick Lundgren criticized the SEC under former chairman Gary Gensler, accusing the agency of unethical behavior and targeting the crypto industry.
Crypto.com’s legal team had been planning to expose any bad actors within the SEC who were working against the crypto space. They even filed a lawsuit against the SEC, but later delayed their actions following the presidential election in December 2024.
The SEC has recently dropped various investigations and legal actions against other crypto firms such as Coinbase and Kraken. Additionally, the agency decided to drop its appeal in the case against Ripple (XRP) earlier this month.
The departure of former SEC Chair Gary Gensler and the recent updates within the agency have been attributed to the Trump administration. The SEC has made significant changes in the past few weeks, including canceling controversial crypto accounting guidance, dropping lawsuits against major crypto players, and establishing a crypto task force to oversee legal matters related to crypto activities.
In a recent interview, SEC Chairman Paul Atkins stated that developing a legal framework for crypto holders is a top priority for the agency.
In a separate controversy, popular crypto detective ZachXBT accused Crypto.com of breaking its promise by reissuing 70 billion CRO tokens. Despite previously claiming to have burned these tokens permanently in 2021, Crypto.com’s recent actions have raised concerns about the exchange’s credibility.
ZachXBT called the reissuance of tokens a breach of trust and borderline fraud, questioning why a reputable platform like Truth would partner with Crypto.com instead of platforms like Coinbase or Kraken.
It is important to note that the information provided is for informational purposes only and should not be considered financial advice. Viewers are advised to consult with their financial advisors before making any investment decisions.