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Crypto.com doesn't go for it: the cex SUES the SEC
By Davide Grammatica
After receiving a “Wells notice” from the SEC, Crypto.com has decided to fight back by suing the US regulator
Crypto.com vs. SEC
In recent hours, exchange Crypto.com announced that it has filed a lawsuit against the U.S. Sercurities and Exchange Commission (SEC). The decision is a direct result of the “Wells notice” (in essence, a US-style warranty notice) received by the cex from the very regulator, and apparently the matter will end up in court right away.
On the table, as usual, is the alleged violation of federal laws governing financial assets. An issue that, as we have learned over the years, has complicated life in no small measure for the major crypto service providers in the U.S. from a regulatory perspective.
Crypto.com, however, has decided not to take a passive stance, and has decided to raise it again. “Our decision to sue the SEC follows the receipt of the Wells notice from the SEC staff,” reads Crypto.com’s official communication. “The SEC’s campaign of unauthorized and unfair regulation is evidently continuing despite bipartisan indications that the next administration will take a more constructive and effective approach to getting the crypto industry developed in the United States.”
Today, https://t.co/pFc4Pz9nFR filed suit against the SEC to protect the future of crypto in the U.S.: https://t.co/kXxyhF7zFe
— Kris | Crypto.com (@kris) October 8, 2024
The cex's strategy against Gary Gensler
The regulatory agency, despite an increasingly outspoken political world in favor of developing the crypto industry, does not appear to have changed from the past. The “enforcement actions” against the industry continue along the line imposed by Chairman Gary Gensler. But apparently the very support of U.S. policy seems to have instilled courage in the various companies.
“Filing a lawsuit against a federal agency is an unprecedented move for our company,” the cex memo reads in fact. “The SEC’s actions against our industry, however, have left us no choice.”
