One of the leading crypto exchanges in the world is striking back against the U.S. Securities and Exchange Commission (SEC) in court.
After receiving a Wells notice from the SEC – an indication that the regulator is investigating a person or entity – Singapore-based crypto exchange Crypto.com announced today that they filed a suit against the agency.
“Today, Crypto.com has filed suit against the U.S. Securities and Exchange Commission (SEC). We are doing so to protect the future of the crypto industry in the U.S., joining a series of our peers who are actively defending themselves and taking action against a misguided federal agency acting beyond its authorization under the law.”
According to the announcement, the SEC’s regulation style has forced Crypto.com to take unprecedented legal action against the SEC.
“Specifically, our lawsuit contends that the SEC has unilaterally expanded its jurisdiction beyond statutory limits and separately that the SEC has established an unlawful rule that trades in nearly all crypto assets are securities transactions no matter how they are sold, whereas identical transactions in bitcoin (BTC) and ether (ETH) are somehow not.
This unlawful rule never went through a notice and comment period required by the Administrative Procedure Act and furthermore the agency’s application thereof is arbitrary and capricious, particularly when those crypto assets possess virtually indistinguishable characteristics from and are sold in an identical manner as BTC and ETH.
We seek to stop the SEC’s illegal actions in excess of their authority and in violation of federal law in their tracks.”
The full filing can be read here.
Crypto.com CEO Kris Marszalek also took to X to comment on the SEC’s ongoing hostility toward the industry.
“The SEC’s unauthorized overreach and unlawful rulemaking regarding crypto must stop.
Recent rulings have made clear that crypto is not itself a security and thus is not an investment contract simply because it changes hands.
For this reason, and many others, we continue to be very bullish on the U.S. crypto market and our imminent plans to expand our offerings to U.S. customers.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/NextMarsMedia
The post Crypto.com Receives Wells Notice – Responds With New Lawsuit Against ‘Misguided’ SEC appeared first on The Daily Hodl.
This articles is written by : Fady Askharoun Samy Askharoun
All Rights Reserved to Amznusa www.amznusa.com
Why Amznusa?
AMZNUSA is a dynamic website that focuses on three primary categories: Technology, e-commerce and cryptocurrency news. It provides users with the latest updates and insights into online retail trends and the rapidly evolving world of digital currencies, helping visitors stay informed about both markets.
