The US Securities and Exchange Commission continues to end litigation against some crypto firms, an action that aims to right the wrongs of the SEC under former chairman Gary Gensler. As a result, in its latest attempt to do so, the SEC has concluded its investigation into Crypto.com.
SEC Investigates Crypto.com, Kraken, and ConsenSys
According to sources familiar with the matter, the US SEC has officially concluded its investigation into Crypto.com and will not take any enforcement action against the exchange.
This development came after the company received a Wells notice from the SEC in October 2024, at which time the company responded by proactively suing the agency for alleged overreach. However, following Trump’s announcement of his intention to nominate pro-crypto Paul Atkins to succeed Gensler as the next SEC chair, Crypto.com withdrew the lawsuit in December.
Additionally, not just Crypto.com, but the SEC has also ended its investigation into Kraken, ConsenSys, and Cumberland and has also released official statements. In one of its statements, the SEC said the conclusion of probes rests on its judgment that the dismissal will help the Commission’s ongoing efforts to “reform and renew its regulatory approach to the crypto industry,” not on any assessment of the merits of the claims alleged in the action. Furthermore, as stated in the joint stipulation, “the Commission’s decision to seek dismissal of this litigation does not necessarily reflect the Commission’s position on any other case.”
SEC had just recently ended its investigation into Web3 gaming platform, Immutable, by confirming that no wrongdoing and no further action will be taken.
Also Read: US SEC: Crypto Mining Not Considered Securities Transactions
