Eric Wallace said the staff of the SEC's Division of Enforcement (U.S. securities watchdog unit) has closed a PEPE-related matter and did not recommend an enforcement action. Wallace said he had first disclosed the matter in December 2024 and is now updating the public record to reflect its outcome. In a statement, he said SEC staff informed his counsel after an investigation that it did not intend to recommend any action. Wallace was part of the founding group behind PEPE and said he is currently focused on his work as an investor.