Cryptocurrency exchange Crypto.com is suing the U.S. Securities and Exchange Commission (SEC). This comes after the company received a Wells Notice from the SEC. It is a kind of a warning that the SEC is likely to take enforcement action regarding the securities laws.
The lawsuit, names the US SEC Chair Gary Gensler and 4 commissioners. It challenges the regulator’s classification of certain crypto assets as securities.
According to Crypto.com, the SEC has gone beyond its jurisdiction in the classification of cryptocurrencies as securities without adequate legal framework.
The suit is meant to stop what Crypto.com has claimed as the SEC’s unlawful actions. It further seeks an injunction to stop the SEC from extending its reach in this manner.
Crypto.com Challenges SEC’s Regulatory Approach
In the lawsuit, Crypto.com accuses the SEC of exceeding its jurisdiction by categorizing most cryptocurrencies as securities and excluding only Bitcoin and Ethereum. The
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