Today, Crypto.com took it a step further and filed a lawsuit against the US Securities and Exchange Commission.
It’s an action to preserve the future of the crypto industry in the United States by joining other crypto firms pushing back against overreach by a federal agency acting beyond its authorized powers.
Crypto.com Sues SEC Over “Unlawful” Crypto Rules
The case where Crypto.com decided to sue SEC follows Crypto.com’s receipt of a Wells notice from the SEC, signaling continued regulatory pressure through enforcement rather than clear guidelines. Despite signals from bipartisan voices that the next administration might adopt a more constructive approach to cryptocurrency, the SEC’s current stance-often exceeding its legal boundaries-leaves businesses like Crypto.com with no choice but to challenge these actions in court.
The basic gist is that the SEC unilaterally expands its jurisdiction to make most crypto asset transactions securities but then makes Bitcoin and Ethereum exceptions. Crypto.com’s legal argument reduces to the degree to which such an approach has been unlawful in a very inconsistent expansion of the SEC’s authority beyond that set by legislation. That becomes a very pivotal moment for the company, standing up against what many in the industry call regulatory overreach, and earning its place in the American crypto landscape.
The post Breaking: Crypto.com Sues US SEC Following Wells Notice From Commission appeared first on CoinGape.
