Crypto.com vs SEC: Legal Battle over Cryptocurrency Regulation

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2 hours ago

Crypto.com has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC), contesting its cryptocurrency regulations. The company views this as part of a broader, unjust enforcement campaign targeting the crypto industry.

Legal Showdown Between Crypto.com and the SEC

In its lawsuit, Crypto.com argues that the SEC has overextended its legal authority by classifying most cryptocurrencies as securities without proper rulemaking or congressional approval. The company states this approach creates legal uncertainty for businesses in the U.S.

*“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,” the firm noted in a* [*statement*](https://crypto.com/company-news/complaint*.None

Seeking Regulatory Clarity

In addition to the lawsuit, Crypto.com has filed a petition with the Commodity Futures Trading Commission (CFTC) and the SEC. The firm aims to confirm that certain digital products fall solely under the CFTC's jurisdiction.

Regulatory Uncertainty and Crypto Industry's Response

Crypto.com emphasizes its commitment to compliance, remaining registered as a money services business with FinCEN and holding state money transmitter licenses in over 40 states. This lawsuit is part of a broader pushback by the crypto industry against, what is perceived as, unjust regulatory actions by the SEC.

*“Our compliance and security efforts are at the core of our operations, and we remain committed to working within regulatory frameworks,” Crypto.com noted.*None

The Crypto.com lawsuit highlights the complex relationship between the crypto industry and regulators. The outcome may significantly impact future cryptocurrency regulations in the U.S.

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