Originally published on: October 08, 2024
Crypto.com is not backing down when it comes to protecting the future of the crypto industry in the United States. The major cryptocurrency exchange and service provider has taken a bold step by suing the Securities and Exchange Commission (SEC) in an effort to defend the interests of American crypto holders.
In a recent announcement, Kris Marszalek, co-founder and CEO of Crypto.com, revealed that the company has filed a lawsuit against the SEC to challenge what he calls the agency’s “regulation by enforcement regime.” This move comes in response to the SEC’s actions, which Marszalek believes have negatively impacted over 50 million crypto holders in the country.
“We are standing up to the SEC to safeguard the future of the crypto industry in the US,” Marszalek stated. He emphasized that Crypto.com is not alone in this fight, as other industry players are also taking measures to push back against what they see as unfair regulatory practices.
Crypto.com’s lawsuit against the SEC is part of a broader effort to bring clarity and certainty to the industry through proper rulemaking. The company has also reached out to the Commodity Futures Trading Commission (CFTC) in a bid to seek clarification on the classification of crypto derivative products.
Despite receiving a Wells notice from the SEC, Crypto.com remains undeterred in its mission to make crypto accessible to all. The platform continues to operate as usual, with a strong commitment to expanding crypto adoption.
In addition to its legal actions, Crypto.com has filed a petition with the CFTC and SEC to confirm that certain cryptocurrency derivative products fall under the jurisdiction of the CFTC. The company is pushing for a joint interpretation that will provide clear guidelines for market participants.
As the battle between Crypto.com and the SEC unfolds, the future of the crypto industry in the US hangs in the balance. Stay tuned as this legal saga continues to unfold, reshaping the regulatory landscape for cryptocurrencies in the country.
