Crypto.com files suit against U.S. SEC to ‘protect’ future of crypto industry

Crypto.com, a cryptocurrency exchange that supports trading, investing, staking, wallets, NFTs, has filed a lawsuit against the U.S. SEC after receiving a Wells notice… Crypto.com blogged in part, earlier on Tuesday: “Crypto.com has filed suit against the U.S. Securities and Exchange Commission, or SEC . We are doing so to protect the future of the crypto industry in the U.S., joining a series of our peers who are actively defending themselves and taking action against a misguided federal agency acting beyond its authorization under the law. Our decision to sue the SEC follows our receipt of a Wells notice from the Commission staff, illustrating that the SEC’s unauthorized and unjust regulation by enforcement campaign continues despite bipartisan indications that the next Administration will take a more constructive and effective approach to advancing crypto in the U.S. For now, improper SEC enforcement actions are part of the process of operating a legitimate and licensed crypto business in the U.S. While this is an unprecedented move for our company to file suit against a federal agency, actions by that agency towards our industry have left us no other choice…This unlawful rule never went through a notice and comment period required by the Administrative Procedure Act and furthermore the agency’s application thereof is arbitrary and capricious, particularly when those crypto assets possess virtually indistinguishable characteristics from and are sold in an identical manner as BTC (BTC) and ETH (ETH)… We seek to stop the SEC’s illegal actions in excess of their authority and in violation of federal law in their tracks. Publicly traded companies in the space include Bit Digital (BTBT), Coinbase (COIN), Core Scientific (CORZ), Greenidge Generation (GREE), Mara Holdings (MARA), MicroStrategy (MSTR), Riot Platforms,(RIOT), Stronghold Digital Mining (SDIG) and TeraWulf (WULF).