Crypto.com confirmed Tuesday that it received a Wells notice from the U.S. Securities and Exchange Commission and went on the offensive in filing a complaint in a federal district court in Texas against the agency, arguing that it “overstepped its authority by claiming most crypto transactions are securities.”

In filing the complaint, the plaintiff, Foris DAX Inc., also known as Crypto.com, is seeking to prevent the SEC from expanding its jurisdiction over secondary market sales of certain tokens sold on the company’s platform, “despite bipartisan indications that the next Administration will take a more constructive and effective approach to advancing crypto in the U.S.”