SEC dismisses lawsuit against Crypto(dot)Com under new leadership

The Securities and Exchange Commission of the United States is seen losing its grip over the lawsuits and cases filed against crypto-based companies; in a most recent development, it has been reported that the regulatory commission has dropped its lawsuit against Crypto(dot)Com. 

According to the

X post of the CEO of Crypto(dot)com, the SEC has dropped the case against the exchange without taking any action. The centralized exchange was accused of regulatory overreach.

In the threat, he adds, “ They used every tool available to attempt to stifle us, restricting access to banking, auditors, investors, and beyond. It was a calculated attempt to put an end to the industry.” 

Why is the SEC dropping cases against crypto-based companies? 

With Gary Gensler’s departure following Donald Trump’s historic victory, the Securities and Exchange Commission of the United States has dropped a few crucial lawsuits against crypto-based firms.

There are several reasons behind the drop in cases, but one primary reason is the reactivation of a dedicated crypto-based unit that specializes in working on digital assets.

After the re-launch of the crypto task force, the process of reviewing allegations over crypto companies has seen a speedy in the process, helping the commission to decide whether the allegations are legitimate or not.

As per archives, Crypto(dot)com got a Wells notice from the Securities and Exchange Commission of the United States, which says the commission might take action for its token sales. 

However, after the firm received good notice from the SEC, it also filed a response lawsuit arguing that the commission is overstepping its authority by classifying the majority of crypto transactions as securities. 

After Trump came into power, it was reported in December 2024 that Crypto(dot)com had dropped its lawsuit against the commission.

Experts claim that the shift in the commission’s stance on crypto came after the elections, and the presidential election in 2024 received the highest donation from the crypto market.

Crypto(dot)com’s Chief Legal Officer expresses his joy with the leadership of the SEC he quotes that he is pleased with the current leadership of the Securities and Exchange Commission under Trump’s administration.

Earlier on March 26, Todayq reported that Immutable is now free from the lawsuit as the SEC has dropped the charges against the company and its CEO.

A growth in IMX token was recorded after the announcement of the lawsuit dismissal by the Securities and Exchange Commission. When writing, it was trading at $0.5931 with an addition of 8.51% to its price.

Crypto market price updates 

Until publishing, the crypto market cap was $2.78 trillion with a loss of 2.60% intraday, and the volume was $81.66 billion; the fear and greed index was at 33, indicating fear in the market sentiment.

Bitcoin is currently exchanging hands at $85,091; it is also down by more than 2%, its market cap is $1.71 trillion, and the volume is $26.68 billion.

The intraday losers are Story, Jasmy Coin, Lido, Worldcoin, and Gala; the gainers are Cronos, Toncoin, Four, Tether Gold, Pax Gold, and Berachain.