Wu said that he learned that Crypto.com has filed a lawsuit with the U.S. Securities and Exchange Commission (SEC). Crypto.com said that the lawsuit against the SEC was made after receiving a Wells notice from the staff of the Commission. The notice shows that although both parties have stated that the next government will take a more constructive and effective approach to promote the development of encryption technology in the United States, the SEC's unauthorized and unfair enforcement and regulatory actions continue. At present, the SEC's improper enforcement actions have become a part of the process of operating a legal and licensed encryption business in the United States. Crypto.com believes that the SEC has unilaterally expanded its statutory authority, and also believes that the SEC has established an illegal rule that almost all transactions in crypto assets are considered securities transactions regardless of how they are sold, while the same transactions in Bitcoin (BTC) and Ethereum (ETH) are not included. This illegal rule has never gone through the notice and comment period required by the (Administrative Procedure Act), and the agency's application of this rule is arbitrary and capricious, especially when the characteristics of these crypto assets are almost the same as BTC and ETH and are sold in the same way.