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Crypto.com has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) to defend the cryptocurrency industry against what it deems overreach by the agency.
The legal action follows a Wells notice from the SEC, which Crypto.com claims demonstrates the agency’s unauthorized regulation of cryptocurrency transactions.
The lawsuit argues that the SEC has extended its jurisdiction beyond legal limits and established an unjust rule that classifies nearly all crypto transactions as securities, except for those involving Bitcoin (BTC) and Ethereum (ETH). Crypto.com contends this rule was implemented without proper public comment and that the SEC’s enforcement actions are inconsistent.
Additionally, Crypto.com | Derivatives North America (CDNA) has petitioned both the SEC and the Commodity Futures Trading Commission (CFTC) for clarity on whether certain crypto derivatives are solely regulated by the CFTC, aiming to establish clear guidelines.
Despite the lawsuit, Crypto.com remains committed to compliance, holding over 40 state money transmitter licenses and emphasizing its role as a leader in regulatory approvals worldwide. The company is hopeful that the judicial system will check the SEC’s actions and validate its claims while continuing its mission to enhance cryptocurrency accessibility.