Crypto.com has filed a lawsuit against the SEC, arguing that the commission's actions are part of a broader enforcement campaign detrimental to the cryptocurrency industry.

Reasons for the Lawsuit

Crypto.com alleges that the SEC is overextending its jurisdiction by classifying most cryptocurrencies as securities, claiming this action could harm the industry.

Showdown with the SEC

Crypto.com argues that the SEC's actions create uncertainty for legally operating businesses in the U.S. The company states it is protecting the future of the crypto industry by opposing what it perceives as the commission's regulatory overreach.

Seeking Regulatory Clarity

In addition to the lawsuit, Crypto.com has filed a petition with the CFTC and the SEC, seeking clarification on which agency regulates certain cryptocurrency derivatives. The company aims to confirm that certain digital products fall solely under the jurisdiction of the CFTC. Despite the legal battle, Crypto.com remains focused on compliance and is registered as a money services business with FinCEN.

The Crypto.com lawsuit is part of a larger pushback by the crypto industry against what is perceived as unjust regulatory enforcement by the SEC.