Crypto.com's native token Cronos (CRYPTO: CRO) 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 (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which traded flat during the day.
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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