The fight between popular crypto exchange CryptoCom and the American securities regulatory body has started.
Crypto.com is a popular cryptocurrency exchange offering a wide range of services, including crypto trading, staking, and a crypto-backed Visa card for spending digital assets. Known for its user-friendly app and strong security measures, the platform supports over 250 cryptocurrencies. It also provides DeFi solutions and NFT trading, making it a comprehensive platform for both beginners and advanced users.
Recently, Crypto.com exchange received a Wells notice from the United States Securities and Exchange Commission (SEC), a financial regulator mainly known for its crypto-hater stance in the crypto space.
In response, CryptoCom leadership decided to take action against the SEC body. Through a new lawsuit, the CryptoCom legal representatives raised questions over the crypto market regulatory approach of the SEC, claiming they never provided clear rules and laws but instead took enforcement actions against crypto companies.
Today, https://t.co/pFc4Pz9nFR filed suit against the SEC to protect the future of crypto in the U.S.: https://t.co/kXxyhF7zFe
— Kris | Crypto.com (@kris) October 8, 2024
Kris, the CEO of CryptoCom exchange, stated that the lawsuit aims to protect the future of the crypto sector and bring clarity on crypto-related regulations.Fox Business reporter Eleanor Terrett noted that CryptoCom’s leadership followed a similar approach taken by Ethereum blockchain firm Consensys.
🚨NEW: @cryptocom now doing what @Consensys did earlier this year — preemptively suing the @SECGov in response to a Wells notice it received. The exchange says it’s suing the SEC because it has “unilaterally expanded its jurisdiction beyond statutory limits” and “established an…
— Eleanor Terrett (@EleanorTerrett) October 8, 2024
It will be interesting to see how this legal dispute unfolds in the future, and whether these back-to-back lawsuits against the SEC will place negative pressure on SEC Chairman Gary Gensler or further strengthen the agency’s resolve.
The SEC has already been in a major legal dispute with the San Francisco headquartered blockchain firm Ripple, since December 2020, where it has struggled to win and recently filed an appeal against the court ruling in order to secure a judgment in its favor.
https://t.co/Eac4kRlcrS#XRP lawsuit heats up again, the #SEC body files appeal against court ruling
— Bitcoinik (@Bitcoinikdotcom) October 4, 2024
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