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The US SEC has concluded its investigation into Crypto.com without filing any charges. This decision marks a significant development for the cryptocurrency platform, allowing it to move forward without the burden of regulatory scrutiny.
The US Securities and Exchange Commission (SEC) has concluded its investigation into Crypto.com without any charges, as announced by the company on March 27. The inquiry began after a Wells notice was issued in October, but the company later withdrew its lawsuit against the SEC for overreach. This decision aligns with a trend of dropped investigations into other crypto firms, and Crypto.com continues to operate without legal challenges while exploring new financial products in partnership with Trump Media and Technology Group.
Donald Trump’s media company is launching a $250 million ETF product basket through its fintech arm, TruthFi, in partnership with Crypto.com. The investment offerings will focus on digital assets and securities with a “Made in America” theme, and are expected to be available to investors across the U.S., Europe, and Asia, pending regulatory approval. Charles Schwab will handle custody, while the announcement has already boosted shares of Trump Media and Technology Group by over 9%.
Crypto.com has achieved a significant milestone, reporting $1.5 billion in revenue amid ongoing debates surrounding cryptocurrency tokens. This growth highlights the evolving landscape of the crypto market and the increasing interest from investors and users alike.
Crypto.com reported $1.5 billion in revenue for 2024, with a net profit of $300 million, and boasts over 140 million users. The platform is navigating controversy over a proposal to mint 70 billion CRO tokens, which has upset many holders. Looking ahead, it plans to expand into stock trading, banking, and credit cards while remaining optimistic about US market growth.
Crypto.com has launched a sports event trading product across all 50 states, despite the Commodity Futures Trading Commission's request to suspend its sports markets. This move, alongside Kalshi's similar offerings, tests the regulatory boundaries of online prediction markets amid a changing political landscape. Meanwhile, Elon Musk faces backlash for criticizing a project backed by Trump, while former CNN anchor Don Lemon expands his lawsuit against Musk and X, alleging defamation and breach of contract.
The CFTC is considering a probe into Crypto.com’s futures contracts that allow betting on football matches, including the Super Bowl, amid concerns over compliance with gaming laws. The agency is set to review the contracts after the Super Bowl on February 9, following a notification from Crypto.com about their trading launch in December. A spokesperson for Crypto.com expressed disappointment over the potential action, emphasizing the need for the incoming CFTC leadership to guide market operations.
The CFTC is investigating Crypto.com for potential violations of U.S. gaming laws related to betting on major football games, as the platform operates in all 50 states. Meanwhile, Polymarket faces scrutiny for allegedly breaching a 2022 settlement by continuing to serve U.S. customers without proper registration. The CFTC's ambiguous definition of "gaming" has drawn criticism from industry stakeholders, complicating the regulatory landscape.
In 2024, Binance's market share declined significantly, dropping from 49% to 39% in the spot market and from 50% to 38% in contracts, as competitors like Bybit and Bitget gained ground. Spot trading volumes surged by 14% in December, with Bitget leading at 102% growth, while Crypto.com dominated the derivatives market with a staggering 930% increase. Overall, website traffic across exchanges rose by 22%, with Bitget achieving a notable 103% increase, highlighting a shift in the competitive landscape of cryptocurrency exchanges.
XRP is currently trading at $2.3153, showing potential for a breakout above $2.35, while investors are advised to diversify in the volatile market. Top cryptocurrencies to consider include LuckHunter (LHUNT), Chainlink (LINK), Uniswap (UNI), Cronos (CRO), and Ethena (ENA), each offering unique features and growth potential. LuckHunter stands out as a presale opportunity in the metaverse casino space, while Chainlink leads in decentralized oracles, and Uniswap remains a pioneer in decentralized exchanges.
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