CRONOS (CRO) has witnessed a 11 % increase over the past 24 hours, as it increased for a short period of $ 0.11 on March 28. Despite its current stability at about $ 0.10, it has paid the latest weekly gains in approximately 40 %.
This height comes in the value of CRO in the wake of a major development that includes Crypto.com, the parent company behind the encrypted currency.
SEC ends the investigation of Crypto.com
The US Securities and Stock Exchange Committee (SEC) officially closed Investigating the exchange of encryption and informed the company that no enforcement action will be taken against it.
This represents a great moment after months of tension between the two entities. In October 2024, Crypto.com filed a lawsuit against SEC after receiving the Wales notice, indicating the organizer’s intention to prosecute the platform to work as an unregistered medium and the Securities Clearing Agency.
The lawsuit argued that the Supreme Education Council extended its jurisdiction illegally and imposed an excessive base that classified almost all encryption transactions as the circulation of securities, regardless of how to sell them. Chris Marzalek, CEO of Crypto.com, publicly condemned the actions of the organizer and called for an end to its transcendence.
However, by December 2024, Crypto.com dropped a lawsuit, a month after Donald Trump as an American president. SEC, under the Biden Administration, had previously targeted many cryptocurrencies, including KAKEN, Coinbase and UISWAP, with procedures and enforcement issues. However, after Trump returned to his position, the legal scene of encryption companies has turned significantly, with many cases closed.
In the aftermath of development, Nick Lundger, the chief legal official of Crypto.com, accused the Supreme Education Council for the Development of Weapons and an attempt to expand its authority granted by Congress to harm the industry of its “former chair”. Continue Exec add,
“It is unfortunate that we are forced to bear this investigation, which lasted a year ago and we file our own lawsuits against SEC to protect the rule of law. Compliance and integrity are two essential things for Crypto.com and we are excited to work with the president who will soon become Atkins and the rest of the committee for our long -awaited desire to legislate and connect the rules.”
Violent reaction to release 70 billion CRO symbols
Crypto.com was recently bought to release 70 billion CRO symbols, which sparked fierce criticism from the encryption community. For example, Zachxbt, a prominent Blockchain investigator, accused the company of betraying its users, and claimed that the move was not different from the fraud. This controversial decision revived the symbols that were burned in 2021 to reduce the total offer.
Critics argue that it contradicts the desires of society for decentralization and transparency, with reports indicating that Crypto.com ratifieds a large part of the voting power. Nevertheless, Marszalek defended the decision, noting that it is necessary to support the company’s growth strategy.
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