Crypto.com Sues SEC and Gensler Over Wells Notice, Disputes Crypto Securities Classification

Oct 8, 2024, 01:30 PM

Crypto.com, a cryptocurrency exchange, has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC). In response, Crypto.com has filed a lawsuit against the SEC and its Chair, Gary Gensler, alleging that the regulator has overstepped its authority by classifying most crypto assets as securities—excluding Bitcoin and Ethereum—without proper rule-making procedures. The exchange contends that the SEC has unilaterally expanded its jurisdiction beyond statutory limits.