Crypto.com’s native token Cronos CRO/USD surged to the top of the gainers list on Thursday after the firm announced that the SEC would not take any enforcement action against it.
What happened: Kris Marszalek, the company’s CEO, said on X, “The SEC’s investigation into Crypto.com has been closed with no action being taken against Crypto.com.”
The SEC didn’t immediately respond to Benzinga’s request for comment.
The announcement sparked a 12% rally for CRO, the utility token of Cronos, a decentralized blockchain built and operated by Crypto.com. The latest uptick widened its weekly returns to over 40%.
CRO’s rally outshone mega-cap cryptocurrencies such as Bitcoin BTC/USD and Ethereum ETH/USD, which traded flat during the day.
See Also: Trump Endorses Pro-Bitcoin Senator Cynthia Lummis For Re-Election, Says She Is Working To Make US The Crypto Capital
Why It Matters: The Singapore-headquartered firm initiated legal proceedings against the SEC in October 2024 after receiving a Wells notice from the regulator. Crypto.com accused the agency of exceeding its jurisdiction and enforcing an illegal rule that classifies all cryptocurrency transactions as securities transactions.
The SEC has granted similar relief to cryptocurrency exchanges Coinbase, Robinhood Markets’ cryptocurrency operations, Gemini, and decentralized cryptocurrency exchange Uniswap in recent weeks.
The end of the enforcement action comes days after Trump Media and Technology Group Corp. DJT, a firm majority owned by President Donald Trump, announced a partnership with Crypto.com to launch a host of exchange-traded funds, including ones tied to cryptocurrencies.
Notably, CEO Marszalek was also invited to the first-ever White House Crypto Summit earlier this month.
Price Action: At the time of writing, CRO was exchanging hands at $0.1133, up 12.46% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the cryptocurrency was down 19.49%.
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