{"id":844,"date":"2024-10-08T14:04:00","date_gmt":"2024-10-08T14:04:00","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=844"},"modified":"2024-10-08T14:04:00","modified_gmt":"2024-10-08T14:04:00","slug":"crypto-com-files-suit-against-sec-after-receiving-wells-notice","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=844","title":{"rendered":"Crypto.com Files Suit Against SEC After Receiving Wells Notice"},"content":{"rendered":"
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On Tuesday, digital asset exchange Crypto.com became the latest target of the US Securities and Exchange Commission (SEC), which has been increasingly employing a regulation-by-enforcement strategy over the past year. This latest action follows the SEC\u2019s previous scrutiny of trading platforms, including Robinhood, just a few months ago.\u00a0<\/p>\n

Crypto.com Accuses SEC Of Overreach<\/h2>\n

In response to receiving a Wells Notice from the SEC, Crypto.com has filed a lawsuit <\/a>against the regulatory body, aiming to safeguard the future of the cryptocurrency industry in the United States. In its statement, Crypto.com emphasized the necessity of the legal action, stating:\u00a0<\/p>\n

\n

We are doing so to protect the future of the crypto industry in the US, joining a series of our peers who are actively defending themselves against a misguided federal agency acting beyond its authorization under the law.<\/p>\n<\/blockquote>\n

The exchange argues that the SEC is overstepping its jurisdiction and has unilaterally expanded its authority to classify nearly all cryptocurrency transactions as securities, except for those involving Bitcoin (BTC) and Ethereum (ETH).\u00a0<\/p>\n

This distinction, they claim, lacks a solid legal basis and fails to adhere to required regulatory procedures, including the notice-and-comment rule mandated by the Administrative Procedure Act.<\/p>\n

Crypto.com contends that the SEC\u2019s enforcement actions are \u201carbitrary and capricious,\u201d particularly given that many cryptocurrencies share characteristics and transactional methods similar to those of BTC and ETH. The exchange seeks to halt what it describes as the SEC\u2019s unlawful activities that exceed its statutory authority and violate federal law.<\/p>\n

\u00a0Push For CFTC Oversight Of Crypto Derivatives<\/h2>\n

In addition to the lawsuit, Crypto.com | Derivatives North America (CDNA) has filed a petition with both the Securities and Exchange Commission and the Commodity Futures Trading Commission (CFTC).\u00a0<\/p>\n

This petition aims to clarify the regulatory framework governing certain cryptocurrency derivative products, advocating for a joint interpretation that would designate these products as solely under the jurisdiction of the CFTC.\u00a0<\/p>\n

The agencies involved have 120 days to respond, either by issuing a jointly approved interpretation or by providing written reasons for any denial.<\/p>\n

\"Crypto.com\"<\/p>\n

At the time of writing, Crypto.com\u2019s ecosystem token Cronos (CRO) is trading at $0.075, down 5% in the last hour.\u00a0<\/p>\n

Featured image from DALL-E, chart from TradingView.com<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

On Tuesday, digital asset exchange Crypto.com became the latest target of the US Securities and Exchange Commission (SEC), which has been increasingly employing a regulation-by-enforcement strategy over the past year. This latest action follows the SEC\u2019s previous scrutiny of trading platforms, including Robinhood, just a few months ago.\u00a0 Crypto.com Accuses SEC Of Overreach In response […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-844","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/844","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=844"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/844\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}