Here’s what happened in crypto today

Today in crypto, two US federal agencies eased restrictions on companies engaging in crypto-related activities, including derivatives. Meanwhile, the Securities and Exchange Commission officially closed its investigation into Crypto.com, and NFT sales plunged 63% year-over-year in the first quarter of 2025.

US regulators FDIC and CFTC ease crypto restrictions for banks, derivatives

The Federal Deposit Insurance Corporation (FDIC) said in a March 28 letter that institutions under its oversight, including banks, can now engage in crypto-related activities without prior approval. The announcement comes as the Commodity Futures Trading Commission (CFTC) announced that digital asset derivatives wouldn’t be treated differently than any other derivatives.

The FDIC letter rescinds a previous instruction under former US President Joe Biden’s administration that required institutions to notify the agency before engaging in crypto-related activities. According to the FDIC’s definition:

”Crypto-related activities include, but are not limited to, acting as crypto-asset custodians; maintaining stablecoin reserves; issuing crypto and other digital assets; acting as market makers or exchange or redemption agents; participating in blockchain- and distributed ledger-based settlement or payment systems, including performing node functions; as well as related activities such as finder activities and lending.”

FDIC-supervised institutions should consider associated risks when engaging in crypto-related activities, it said. These risks include market and liquidity risks, operational and cybersecurity risks, consumer protection requirements, and Anti-Money Laundering requirements.

NFT sales plunge 63% in Q1, but Pudgy Penguins, Doodles buck trend

Sales of non-fungible tokens (NFTs) dropped sharply in the first quarter of 2025, plunging 63% year-over-year. Still, a few standout collections defied the downturn and posted gains.

NFTs recorded $1.5 billion in total sales from January to March 2025, down from $4.1 billion during the same period in 2024, according to data from aggregator CryptoSlam. March accounted for the steepest decline, with sales falling 76% to $373 million compared with $1.6 billion last year.

Despite the slowdown, collections including Doodles, Milady Maker and Pudgy Penguins outperformed expectations, showing strength amid the downturn.

Among the largest NFT collections, CryptoPunks recorded $60 million in Q1 2025 sales, down 47% from $114 million in the first quarter of 2024.

The Bored Ape Yacht Club (BAYC) had an even bigger drop of 61%. The monkey-themed NFT collection had a sales volume of only $29.8 million in Q1 2025, down from $78 million in Q1 2024.

Crypto.com probe by the SEC has officially closed, says CEO

The US Securities and Exchange Commission has officially closed its investigation into Crypto.com, with no action taken against the crypto exchange, according to the firm’s CEO, Kris Marszalek.

”They used every tool available to attempt to stifle us, restricting access to banking, auditors, investors, and beyond. It was a calculated attempt to put an end to the industry,” Marszalek said in a March 27 X post.