{"id":95849,"date":"2024-10-08T12:40:41","date_gmt":"2024-10-08T16:40:41","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=95849"},"modified":"2024-10-08T12:40:56","modified_gmt":"2024-10-08T16:40:56","slug":"cryptocom-sues-us-sec-to-protect-the-future-of-crypto","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/cryptocom-sues-us-sec-to-protect-the-future-of-crypto\/","title":{"rendered":"Crypto.com Sues US SEC to \u2018Protect the Future of Crypto\u2019"},"content":{"rendered":"\n

Crypto.com exchange is filing a lawsuit with the US Securities and Exchange Commission<\/a> to safeguard the future of the crypto industry in the United States.<\/p>\n\n\n\n

\"Crypto.com
Crypto.com Sues US SEC to \u2018Protect the Future of Crypto\u2019<\/figcaption><\/figure>\n\n\n\n

On Oct. 8, Kris Marszalek, the co-founder and CEO of Crypto.com, announced on X that the company had filed a lawsuit against the US Securities and Exchange Commission(SEC).<\/p>\n\n\n\n

“This unprecedented action by our company against a federal agency is a warranted response to the SEC's regulation by enforcement regime, which has harmed over 50 million American crypto holders,” he wrote.<\/p>\n\n\n\n

\n

Today, https:\/\/t.co\/pFc4Pz9nFR\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> filed suit against the SEC to protect the future of crypto in the U.S.: https:\/\/t.co\/kXxyhF7zFe<\/use><\/svg><\/span><\/a><\/p>— Kris | Crypto.com (@kris) October 8, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

Crypto.com's official announcement states, “We are taking this action to safeguard the future of the crypto industry in the United States, joining a group of our peers who are actively defending themselves and taking action against a misguided federal agency acting beyond its authorization under the law.”<\/p>\n\n\n\n

Marszalek also pledged to implement “all available regulatory tools” to ensure the industry is secure through appropriate rulemaking. <\/p>\n\n\n\n

Also, Crypto.com has submitted a petition to the US Commodity Futures Trading Commission<\/a> and the SEC to verify the classification of crypto derivative products.<\/p>\n\n\n\n

The action is in response to the SEC's Wells notice that Crypto.com received.<\/p>\n\n\n\n

Upon receiving a Wells notice from the SEC, Crypto.com announced that it would file a lawsuit against the agency.<\/p>\n\n\n\n

The exchange posits that the SEC's action “demonstrates that the SEC's unauthorized and unjust regulation by enforcement campaign persists despite bipartisan indications that the upcoming Administration will adopt a more constructive and effective approach.”<\/p>\n\n\n\n

According to Crypto.com,<\/p>\n\n\n\n

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\u201cFor now, improper SEC enforcement actions are part of the process of operating a legitimate and licensed crypto business in the US. 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.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Crypto.com's lawsuit alleges that the SEC has “unilaterally expanded its jurisdiction beyond statutory limits.”<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

In addition, the exchange contended that the SEC has “implemented an unlawful regulation that classifies trades in nearly all crypto assets as securities transactions, regardless of the method of sale.”<\/p>\n\n\n\n

Despite receiving a Wells notice from the SEC, Crypto.com maintained that it conducts business as usual as it pursues the “integration of cryptocurrency into every wallet.”<\/p>\n\n\n\n

Crypto.com seeks confirmation for crypto products “exclusively regulated by the CFTC”<\/h2>\n\n\n\n

In addition, Crypto.com submitted a petition to the CFTC and SEC to verify that specific cryptocurrency derivative products are “exclusively regulated by the CFTC” through a joint interpretation.<\/p>\n\n\n\n

Crypto.com emphasized that any market participant is entitled to inquire with the CFTC and SEC as to whether a product is a “swap,” a “security-based swap,” or a “mixed swap” by referencing joint rulemaking under the Dodd-Frank Act.<\/p>\n\n\n\n

Crypto.com stated that the agencies have 120 days to issue a jointly approved interpretation or deny an interpretation under these joint rules.<\/p>\n\n\n\n

Denial of the requested interpretation by authorities necessitates the provision of justifications for the denial.<\/p>\n\n\n\n

Crypto.com further stated that the agencies must consult with the Federal Reserve Board of Governors<\/use><\/svg><\/span><\/a> and may participate in joint rulemaking in collaboration with the Fed.<\/p>\n","protected":false},"excerpt":{"rendered":"

Crypto.com exchange is filing a lawsuit with the US Securities and Exchange Commission to safeguard the future of the crypto industry in the United States. On Oct. 8, Kris Marszalek, the co-founder and CEO of Crypto.com, announced on X that the company had filed a lawsuit against the US Securities and Exchange Commission(SEC). “This unprecedented […]<\/p>\n","protected":false},"author":12,"featured_media":78159,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[1972,1360,4288],"class_list":["post-95849","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-cftc","tag-crypto-com","tag-us-sec"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/05\/croc_1715031628656.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/95849","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=95849"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/95849\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/78159"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=95849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=95849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=95849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}