Wallace, a member of the founding group behind PEPE, confirmed the development on August 14, 2026. According to the investor, SEC enforcement staff notified his legal counsel that the investigation had concluded without a recommendation for sanctions or legal proceedings.

Wallace stated that he chose to disclose the existence of the probe nearly two years ago to maintain transparency. By providing this update, he aims to finalize the public record regarding his involvement with the project. Currently, Wallace continues to operate as an active investor based in San Francisco.