Today in crypto, Non-fungible token (NFT) sales dropped 63% year-over-year in the first quarter of 2025, but Pudgy Penguins, Doodles and Milady Maker outperformed the broader market, the US Securities and Exchange Commission officially shut down its investigation into Crypto.com, and SEC Chair nominee Paul Atkins faced a Senate confirmation hearing.
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.
Source: Kris Marszalek
The SEC also dismissed its civil enforcement action against crypto trading firm Cumberland DRW with prejudice on March 27.
Prospective SEC chair pressed on sale of FTX-tied firm
Lawmakers in the US Senate Banking Committee questioned prospective Securities and Exchange Commission (SEC) member Paul Atkins on his ties to the crypto industry and how he might regulate digital assets if confirmed.
Questioning Atkins at his nomination hearing on March 27, Massachusetts Senator Elizabeth Warren, the committee’s ranking member, said the former SEC commissioner had had “staggeringly bad judgment” in his role leading up to the 2008 financial crisis — Atkins served at the agency from 2002 to 2008.
Sen. Warren also asked Atkins to disclose the buyers of his consulting firm Patomak Global Partners — which advised crypto exchange FTX before its collapse in 2022 — for transparency about potential conflicts of interest with the digital asset industry.
“Your clients pay you north of $1,200 an hour for advice on how to influence regulators like the SEC, and if you’re confirmed, you will be in a prime spot to deliver for all those clients who’ve been paying you millions of dollars for years,” said Sen. Warren, suggesting Atkins’ judgment “will be influenced by more than an objective assessment of the data.”
Paul Atkins addressing lawmakers at March 27 nomination hearing. Source: US Senate Banking Committee
The Massachusetts senator sent a letter to Donald Trump’s SEC pick on March 23, calling on him to be prepared to answer questions related to his potential role at the agency based on his ties to the crypto industry through Patomak. At the March 27 hearing, Sen. Warren asked Atkins to disclose the consulting firm’s potential buyers — he said he planned to sell the company if confirmed — who might be “buying access to the future chair of the SEC.”
Atkins said he would “abide by the process” but did not directly answer Sen. Warren’s question. She suggested that the sale of Patomak could be a “pre-bribe” for the former SEC commissioner’s services.
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