As a seasoned crypto investor with a decade of experience under my belt, I find myself following the latest developments between Crypto.com and the U.S. Securities and Exchange Commission (SEC) with great interest. Having navigated through the ever-changing regulatory landscape in this space, I can’t help but feel a sense of deja vu as I read about this legal battle.
In simpler terms, Crypto.com announced they are taking legal action against the U.S. Securities and Exchange Commission (SEC), including its Chair Gary Gensler and the other four commissioners, following the SEC’s issuance of a Wells Notice to their company.
The document submission was carried out by Foris DAX Inc., a corporation headquartered in Delaware, which conducts its business under the brand name Crypto.com.
Notifications from Wells serve as initial alerts for individuals who may face potential charges from the regulatory body. These typically pave the way for enforcement measures.
According to the lawsuit filed by Crypto.com, they are seeking a court decision and an order to stop the Securities and Exchange Commission (SEC) from illegally broadening its authority, which could potentially regulate secondary-market transactions of specific network tokens traded on Crypto.com’s platform.
Individually, Crypto.com has submitted a request for clarification to both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), aiming to establish through a joint interpretation that certain crypto derivative products fall under the exclusive jurisdiction of the CFTC.
This is a developing story …
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2024-10-08 16:51