Crypto.com CEO Says SEC Dropped Investigation Without Penalty, CRO Surges 8%

Crypto.com CEO Kris Marzalek said that the US Securities and Exchange Commission (SEC) has closed its investigation into the crypto exchange without imposing a penalty or taking any legal action.

”They used every tool available to attempt to stifle us, restricting access to banking, auditors, investors, and beyond,” he said in a March 27 X post. “It was a calculated attempt to put an end to the industry.” 

Crypto.com

Crypto.com Accuses The SEC Of A “Misguided” Approach To Digital Asset Regulation 

The SEC’s decision to close its investigation into Crypto.com comes after the agency issued a Wells notice to the company in August that signaled its intention to take legal action against the crypto exchange.

Crypto.com responded by filing a lawsuit against the SEC in October. In its filing, the exchange accused the then Gary Gensler-led agency of overstepping its authority and taking a “misguided” approach to crypto regulation.

CRO Is Top Performer Even Amid Token Burn Controversy

Investors reacted positively to the news. The platform’s native Cronos (CRO) token pumped over 8% in the last 24 hours to trade at $0.1093 as of 1:35 a.m. EST, according to CoinMarketCap. The pump made CRO the top performing major crypto in the past 24 hours.

While CRO’s price might have risen, there is still a cloud of controversy surrounding Crypto.com and its CRO token. It all started when the exchange announced that it will be reissuing 70 billion tokens that were burned in 2021, days before Trump Media & Technology entered into a non-binding agreement with the exchange.

Many said that the move undermined the principles of decentralization and transparency. Onchain investigator ZachXBT even went on to say that “CRO is no different from a scam.”

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