search
Homeweb3.0Crypto.com CEO Kris Marszalek Sues the SEC After Receiving Wells Notice

The development began on the morning of October 8, when the SEC sent a Wells notice to Crypto.com. A Wells notice is a declaration from the SEC that its investigation of a company is over, and that it seeks to prosecute it.

Crypto.com CEO Kris Marszalek Sues the SEC After Receiving Wells Notice

Crypto.com has filed a preemptive lawsuit against the U.S. Securities and Exchange Commission (SEC) following a Wells notice signaling future prosecution. The SEC is reportedly seeking to classify most crypto transactions as securities transactions, greatly tightening restrictions on the industry.

This development began on the morning of October 8, when the SEC sent a Wells notice to Crypto.com. In response, Crypto.com CEO Kris Marszalek announced that the exchange would preemptively sue the SEC.

“This unprecedented action by our company against a federal agency is a warranted response to the SEC’s regulation by enforcement regime which has hurt more than 50 million American crypto holders. The SEC’s unauthorized overreach and unlawful rulemaking regarding crypto must stop,” Marszalek stated.

Crypto.com's official statement regarding this lawsuit was direct and bellicose. It claimed that improper attacks from the SEC are “part of the process” of running a legitimate exchange, and that regulator actions against the industry left Crypto.com with “no other choice.” It even added that this prosecution goes against the growing bipartisan pro-crypto consensus in government.

In short, Marszalek and Crypto.com have depicted the SEC's impending lawsuit as wholly illegitimate. They claim that the SEC is seeking to consider nearly every crypto asset transaction a securities transaction, minus Bitcoin and ETH. The firm even filed a petition to the SEC and the Commodity Futures Trading Commission (CFTC) to explicitly state that some crypto assets are in fact commodities.

This preemptive strike mirrors a similar action from Consensys this April. In response to the threat of impending prosecution, Consensys also launched a lawsuit against the SEC, over the same concern about securities transactions. That lawsuit was dismissed in late September, and there has been no satisfying answer to any of these questions.

Essentially, Marszalek may have a point in describing this suit as an act to “protect the future of crypto.” Commodity regulations are looser than securities, and that's a big part of why BTC and ETH are considered commodities. However, if every single other asset is held to a higher standard, it would have dramatic effects on the entire industry.

The above is the detailed content of Crypto.com CEO Kris Marszalek Sues the SEC After Receiving Wells Notice. For more information, please follow other related articles on the PHP Chinese website!

Statement
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Tokenized Treasuries Near $6B Milestone, Led by BlackRockTokenized Treasuries Near $6B Milestone, Led by BlackRockApr 19, 2025 am 11:44 AM

The value of blockchain-based U.S. Treasuries is closing in on a new milestone, with total holdings approaching $6 billion.

title: Canary Capital Is Launching a TRX-Tracking ETFtitle: Canary Capital Is Launching a TRX-Tracking ETFApr 19, 2025 am 11:42 AM

Canary Capital is looking to launch an exchange-traded fund (ETF) tracking the price of Tron's native token, TRX, according to a filing.

Solana Stablecoin Market Cap Hits Record $12.73 Billion as Sui Supply Reaches $800M with $60M InflowsSolana Stablecoin Market Cap Hits Record $12.73 Billion as Sui Supply Reaches $800M with $60M InflowsApr 19, 2025 am 11:40 AM

The stablecoin market has surpassed a total capitalization of $233 billion. Within this sector, Solana's stablecoins have reached a new all-time high market capitalization of $12.73 billion

Canary Capital Files for Staking TRX ETF, Targeting Launch Before Spot Bitcoin ETFsCanary Capital Files for Staking TRX ETF, Targeting Launch Before Spot Bitcoin ETFsApr 19, 2025 am 11:38 AM

Canary Capital is looking to get the U.S. Securities and Exchange Commission's sign-off for an exchange-traded fund that would track the Tron token TRX and has a staking component.

MoonPay CEO Ivan Soto-Wright calls on US lawmakers to leave a path open to state-level regulators when passing legislation on stablecoinsMoonPay CEO Ivan Soto-Wright calls on US lawmakers to leave a path open to state-level regulators when passing legislation on stablecoinsApr 19, 2025 am 11:36 AM

In an April 18 X post, Soto-Wright said he wanted Congress to “keep state-regulated issuers in the game” when it comes to stablecoin regulation, referencing efforts in the House of Representatives and Senate to create a federal regulatory framework.

Michael Saylor Dissects the Philosophy and Technological Potential of Bitcoin in '21 Truths of Bitcoin'Michael Saylor Dissects the Philosophy and Technological Potential of Bitcoin in '21 Truths of Bitcoin'Apr 19, 2025 am 11:34 AM

Saylor's ideas centre on the fixed 21 million coin supply of Bitcoin. He presents this shortage as a revolutionary economic idea rather than only a technical one.

Official Trump (TRUMP) memecoin unlocked 40 million tokens, worth around $300 millionOfficial Trump (TRUMP) memecoin unlocked 40 million tokens, worth around $300 millionApr 19, 2025 am 11:32 AM

The TRUMP memecoin has gained significant popularity on the Solana network primarily due to its direct affiliation with the U.S. President Donald Trump.

TRUMP (TRUMP) memecoin unlocks 40 million tokens, worth around $300 millionTRUMP (TRUMP) memecoin unlocks 40 million tokens, worth around $300 millionApr 19, 2025 am 11:30 AM

The TRUMP memecoin has gained significant popularity on the Solana network primarily due to its direct affiliation with the U.S. President Donald Trump.

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

AI Hentai Generator

AI Hentai Generator

Generate AI Hentai for free.

Hot Tools

Atom editor mac version download

Atom editor mac version download

The most popular open source editor

SublimeText3 Linux new version

SublimeText3 Linux new version

SublimeText3 Linux latest version

SublimeText3 Mac version

SublimeText3 Mac version

God-level code editing software (SublimeText3)

SublimeText3 English version

SublimeText3 English version

Recommended: Win version, supports code prompts!

SAP NetWeaver Server Adapter for Eclipse

SAP NetWeaver Server Adapter for Eclipse

Integrate Eclipse with SAP NetWeaver application server.