SEC Drops Crypto.com Probe as Agency Pulls Back From Industry Crackdown

Crypto.com says the U.S. Securities and Exchange Commission has closed its investigation into the company, making it the latest — and possibly the last — major crypto platform to see an SEC probe dropped under the Trump administration.

In a statement on Thursday, Crypto.com confirmed that the agency would not pursue any enforcement action following a multi-year investigation. The SEC has not yet commented publicly.

“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,” said Nick Lundgren, Crypto.com’s Chief Legal Officer. “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.”

Crypto.com filed a lawsuit against the SEC last October after receiving a Wells notice — typically a precursor to legal action — challenging the agency’s claim that most cryptocurrencies fall under securities laws. That lawsuit was dropped in December.

The decision to close the case follows a series of similar moves by the SEC over the past several weeks. Investigations or lawsuits involving Kraken, Coinbase, Ripple, Uniswap Labs, Robinhood, and others have all been either dropped or quietly closed.

The shift in stance reflects broader changes at the SEC since the beginning of the Trump administration and the departure of former Chair Gary Gensler in January. The agency has since walked back controversial accounting guidance, ended several high-profile enforcement actions, and launched a new crypto-focused task force.

On Wednesday, Trump’s pick for SEC chair, Paul Atkins, appeared before lawmakers and said crafting a regulatory framework for digital assets would be a top priority. Lawmakers pressed him on his past ties to the failed FTX exchange, which he said would not influence his work.

Crypto.com, which serves more than 140 million users globally, appears to be gaining momentum again. Just days ago, Trump Media and Technology Group announced a non-binding deal to partner with the exchange under its fintech brand Truth.Fi to roll out crypto-linked exchange-traded funds and products.

With the SEC stepping back, the industry may finally get the regulatory reset it’s been calling for — one with less friction and clearer rules.