Cryptocurrency

Chair

Gary

<p>Cryptocurrency exchange&nbsp;Crypto.com&nbsp;is suing the U.S. Securities and Exchange Commission (SEC). This comes after the company received a Wells Notice from the SEC. It is a kind of a warning that the SEC is likely to take enforcement action regarding the securities laws.</p>
<p>The lawsuit, names the US SEC Chair Gary Gensler and 4 commissioners. It challenges the regulator’s classification of certain crypto assets as securities.</p>
<p>According to&nbsp;Crypto.com, the&nbsp;<a href="https://www.thecoinrepublic.com/2024/10/06/ripple-lawsuit-us-sec-appeal-now-official-impact-on-xrp-price/" rel="noopener noreferrer nofollow">SEC has gone beyond its jurisdiction</a>&nbsp;in the classification of cryptocurrencies as securities without adequate legal framework.</p>
<p>The suit is meant to stop what&nbsp;Crypto.com&nbsp;has claimed as the SEC’s unlawful actions. It further seeks an injunction to stop the SEC from extending its reach in this manner.</p>
<h2 class="wp-block-heading" id="h-crypto-com-challenges-sec-s-regulatory-approach"><strong>Crypto.com&nbsp;Challenges SEC’s Regulatory Approach</strong></h2>
<p>In the lawsuit,&nbsp;Crypto.com&nbsp;accuses the SEC of exceeding its jurisdiction by categorizing most cryptocurrencies as securities and excluding only Bitcoin and Ethereum. The company has argued that the agency’s action is arbitrary and not supported by any reasonable legal grounds.</p>
<p>According to the crypto exchange, these rules were&nbsp;<a href="https://www.thecoinrepublic.com/2024/10/01/crypto-regulation-us-sec-scores-new-win-in-major-securities-suit/" rel="noopener noreferrer nofollow">enacted</a>&nbsp;without engaging the public violating the legal requirements of the Administrative Procedure Act.</p>
<p>The complaint, filed in Texas, seeks an injunction on the SEC’s actions, saying the actions are ‘arbitrary and capricious.’ According to the suit,&nbsp;Crypto.com&nbsp;is pursuing legal action to protect not only its rights but also the rights of the entire US cryptocurrency market.</p>
<h2 class="wp-block-heading" id="h-exchange-ceo-gives-updates"><strong>Exchange CEO Gives Updates </strong></h2>
<p>The co-founder and CEO of the exchange, Kris Marszalek posted on X about the lawsuit filed by the US SEC sharing more insights into the occurence.</p>
<p>Via their official blog, the firm stated that,</p>
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 <p>“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.”</p>
</blockquote>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Today, <a href="https://t.co/pFc4Pz9nFR" rel="noopener noreferrer nofollow">https://t.co/pFc4Pz9nFR</a> filed suit against the SEC to protect the future of crypto in the U.S.: <a href="https://t.co/kXxyhF7zFe" rel="noopener noreferrer nofollow">https://t.co/kXxyhF7zFe</a></p>— Kris | Crypto.com (@kris) <a href="https://twitter.com/kris/status/1843642492518051978?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 8, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>He further added that Crypto.com seeks to end the SEC’s illegal actions in excess of their authority as well as the violation of federal law in their tracks.</p>
<p><strong>This Is A Breaking News Update, Check Back For More</strong></p>
<p>The post <a href="https://www.thecoinrepublic.com/2024/10/08/crypto-com-sues-sec-heres-everything-you-need-to-know/" rel="noopener noreferrer nofollow">Crypto.com Sues SEC: Here’s Everything You Need to Know</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.</p>

Crypto.com Sues SEC: Here’s Everything You Need to Know

Table of Contents

Thecoinrepublic.com

Other articles published on Oct 8, 2024

Texas town residents sue Marathon Digital over crypto mine noise

Supreme Court OKs U.S. Government to Sell $4.4 Billion in Seized Silk Road Bitcoin

Market Trends Indicate Potential Shifts for Altcoins CEEK, Floki, LUNA, and WIF

Ty Dolla $ign mistakenly burns $500K in SUNDOG, Justin Sun sends $500K TRX recovery gift

US Crypto ETFs Surge with $350M in New Inflows

Derivio Launches “Play-to-Earn” Telegram DApp, Integrating Social Engagement and Gameplay

Join our free newsletter for daily crypto updates!