The U.S. Securities and Exchange Commission seal. Photo: Diego M. Radzinschi/ALM Crypto.com Becomes Latest Industry Player to Sue the SEC
"The outcome of this case could have far-reaching implications, not just for Crypto.com, but for the broader crypto industry, particularly as it relates to secondary-market transactions and how they're regulated," said Tonya M. Evans, a professor at Penn State Dickinson Law whose research includes digital assets.
October 08, 2024 at 03:06 PM
4 minute read
What You Need to Know
- Crypto.com confirmed that on Aug. 22 it received a Wells notice from the U.S. Securities and Exchange Commission.
- Rather than waiting to be sued or reacting defensively, Crypto.com sued the SEC in the U.S. District Court for the Eastern District of Texas.
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."
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