According to BlockBeats, on October 8, Crypto.com filed a lawsuit with the U.S. Securities and Exchange Commission (SEC) to protect the future of cryptocurrency in the United States.
Crypto.com decided to sue the SEC after it received a Wells Notice from Commission staff indicating that the SEC’s unauthorized and unfair enforcement activities continued despite bipartisan statements that the next administration would take a more constructive and effective approach to advancing crypto technology in the United States.
Currently, improper enforcement actions by the SEC are part of the process of operating a legal and licensed crypto business in the U.S. While Crypto.com’s move to sue a federal agency was unprecedented, the agency’s actions against the industry left Crypto.com with no choice.
The Crypto.com lawsuit argues that the SEC unilaterally expanded its jurisdiction beyond statutory limits and that the SEC has created an unlawful rule that virtually all transactions in crypto assets are securities transactions, regardless of how they are sold, while identical transactions in Bitcoin (BTC) and Ethereum (ETH) are not.
