The U.S. Securities and Trade Fee (SEC) has concluded its investigation into cryptocurrency change Crypto.com with out pursuing any enforcement motion, as introduced by the corporate on March 27.
In October 2024, Crypto.com filed a lawsuit towards the SEC after receiving a Wells Discover — a communication indicating that the company was contemplating enforcement motion.
The discover prompt that the SEC considered sure tokens traded on Crypto.com’s platform as securities. In response, Crypto.com sued the SEC, arguing that the company was overstepping its jurisdiction and improperly classifying most cryptocurrencies as securities. This lawsuit was withdrawn in December 2024.
Nick Lundgren, Chief Authorized Officer of Crypto.com, commented on the choice: “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.”
Based in 2016, Crypto.com serves over 140 million prospects globally. The corporate emphasizes its dedication to regulatory compliance, safety, and privateness throughout the cryptocurrency trade.
This growth aligns with a broader development of the SEC closing investigations into different cryptocurrency corporations, together with Kraken, Coinbase, and Ripple. The company has additionally ceased inquiries into the non-fungible token (NFT) sector, affecting corporations equivalent to OpenSea and Yuga Labs, recognized for the Bored Ape Yacht Membership (BAYC) NFT assortment.
