Well, well, well! It seems that Cronos (CRO) has decided to throw a little party, with its value jumping nearly 11% in the last 24 hours. On March 28th, it even flirted with the idea of crossing the $0.11 mark before settling down at a cozy $0.10. Not too shabby, considering it’s now basking in the glow of a nearly 40% gain for the week. 🎉
This little surge comes hot on the heels of some rather juicy news involving Crypto.com, the proud parent of our dear CRO. You see, the US Securities and Exchange Commission (SEC) has finally decided to close its investigation into the crypto exchange, which is a bit like a parent saying, “You’re grounded for a month, but I’ve changed my mind.”
SEC Calls It Quits on Crypto.com Investigation
Yes, you heard that right! The SEC has officially waved the white flag and informed Crypto.com that no enforcement action will be taken. This is a monumental moment after months of what can only be described as a soap opera between the two parties. Back in October 2024, Crypto.com decided to take the SEC to court after receiving a Wells notice, which is basically the SEC’s way of saying, “We’re not mad, just disappointed.”
The lawsuit claimed that the SEC was trying to stretch its jurisdiction like a pair of old sweatpants, classifying nearly all crypto transactions as securities trades, regardless of how they were sold. Crypto.com’s CEO, Kris Marszalek, didn’t hold back, publicly condemning the SEC’s actions and calling for an end to its overreach. Talk about a dramatic showdown! 🍿
But then, in a plot twist worthy of a daytime drama, Crypto.com dropped its lawsuit in December 2024, right after Donald Trump waltzed back into the Oval Office. The SEC, under the Biden administration, had been on a rampage against various crypto companies, but suddenly, the legal landscape shifted faster than you can say “pump and dump.”
Nick Lundgren, Crypto.com’s Chief Legal Officer, didn’t mince words, accusing the SEC of trying to flex its muscles in a way that would make even the most seasoned gym-goer blush. He lamented,
“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. Compliance and integrity are core to Crypto.com’s business and we are excited to work with soon-to-be-confirmed Chair Atkins and the rest of the Commission on our long-awaited desire for legislation and rulemaking.”
Backlash Over Re-Issuance of 70 Billion CRO Tokens
But wait, there’s more! Crypto.com recently found itself in hot water for re-issuing a staggering 70 billion CRO tokens. This move sparked outrage in the crypto community, with blockchain investigator ZachXBT accusing the company of pulling a fast one on its users. He claimed it was no different from a scam—yikes! 🔥
This controversial decision resurrected tokens that had been burned in 2021, which is a bit like digging up a time capsule and saying, “Surprise! We’re back!” Critics argue that this goes against the community’s wishes for decentralization and transparency, especially since reports suggest that Crypto.com’s validators hold a hefty chunk of the voting power. But Marszalek defended the decision, insisting it was essential for the company’s growth strategy. Because who doesn’t love a good growth strategy, right?
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2025-03-28 11:18