Crypto.com filed a lawsuit against the SEC after receiving a Wells Notice. This move aims to defend the crypto industry in the U.S.

Lawsuit Against SEC: Case Details

Crypto.com decided to file a lawsuit against the Securities and Exchange Commission (SEC) on October 8. This action was taken after the SEC sent a Wells Notice to the exchange, warning of impending actions against the company. Crypto.com is standing up not just for itself, but for the entire U.S. crypto industry.

Crypto.com's Arguments

To Crypto.com, the SEC's actions seem excessive and unlawful. The company asserts that the SEC is attempting to control too much without the necessary authority. Furthermore, Crypto.com highlights that the SEC did not follow necessary protocols, failing to gather public feedback and not adhering to legal procedures. These points form the basis of the lawsuit.

Future Steps and Predictions

In addition to the lawsuit, Crypto.com has filed a petition with the CFTC and the SEC to gain clear regulatory directives on cryptocurrency derivatives. Despite the legal battles, the company continues its regular operations and prides itself on its over 40 state licenses. They are confident in their past successful interactions with regulators and aim to continue defending the future of cryptocurrencies in the U.S.

Crypto.com continues to assert its rights and protect the interests of the entire U.S. crypto industry without backing down.