**Crypto.com Takes Legal Action Against SEC**
Crypto.com, a major cryptocurrency exchange, has launched a legal battle against the U.S. Securities and Exchange Commission (SEC). CEO Kris Marszalek announced on Oct. 8 that the company is challenging the SEC's regulatory approach, which they claim has negatively impacted over 50 million American crypto holders.
- **Why the Lawsuit?**
- Crypto.com received a Wells notice from the SEC, prompting the exchange to argue that the SEC is overstepping its regulatory bounds.
- The company aims to protect the future of the crypto industry in the U.S. and seeks clarity through proper rulemaking.
- **What's Next?**
- Crypto.com has also petitioned the Commodity Futures Trading Commission and the SEC to categorize crypto derivative products accurately.
- The exchange contends that the SEC's actions are part of a broader, unauthorized enforcement campaign.
Stay tuned for updates as this story develops.