Crypto.com Sues SEC After Receiving Legal Threat From US Regulator
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Cryptocurrency exchange Crypto.com announced Tuesday that it has filed suit against the United States Securities and Exchange Commission (SEC) after receiving a notice of impending legal action from the regulator. In a post sharing the news. Crypto.com said that it received a Wells notice from the SEC, or a notice that the agency plans to take legal action over what it believes to be securities violations by the company. Crypto.com is a platform that allows clients to buy and sell cryptocurrencies. It also offers a debit card which allows clients to spend digital assets and earn rewards. The company is well known in part due to big sponsorship deals with the likes of the Ultimate Fighting Championship and Formula 1. It also has naming rights for the Los Angeles Lakers’ NBA arena, Crypto.com Arena, formerly the Staples Center. And to use all regulatory tools available to bring certainty to the industry through proper rulemaking, https://t.co/pFc4Pz9nFR has also filed a petition with the CFTC and SEC to confirm crypto derivative products categorization. — Kris | Crypto.com (@kris) October 8, 2024 “Our decision to sue the SEC follows our receipt of a Wells notice from the Commission staff,” the Crypto.com post reads, “illustrating that the SEC’s unauthorized and unjust regulation by enforcement campaign continues despite bipartisan indications that the next Administration will take a more constructive and effective approach to advancing crypto in the U.S.” It added: “While this is an unprecedented move for our company to file suit against a federal agency, actions by that agency towards our industry have left us no other choice.” Crypto.com did not immediately respond to Decrypt’s questions. In the lawsuit, Crypto.com alleged that the Wall Street regulator “invented the term Crypto Asset Security out of whole cloth to expand its jurisdiction over the digital asset…
Filed under: News - @ October 8, 2024 9:19 pm