TechFlow news, October 8 — Crypto.com CEO Kris Marszalek announced on X that the company has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) to protect the future development of the U.S. cryptocurrency industry. Despite recent bipartisan support for the crypto industry in the United States, Marszalek pointed out that this message appears not to have been received by the current SEC leadership, which has issued a "Wells notice" to Crypto.com. A Wells notice indicates that SEC staff believe the company may have violated federal securities laws. The company is currently assessing the situation and preparing to respond to the allegations.
Marszalek stated that this unprecedented action responds to the SEC's practice of "regulation by enforcement," which has already harmed the interests of over 50 million American crypto holders. He emphasized that the SEC's unauthorized overreach and rulemaking outside its statutory authority must stop. Crypto.com has simultaneously submitted petitions to both the Commodity Futures Trading Commission (CFTC) and the SEC seeking clarification on the classification of crypto derivatives.
