Cryptocurrency exchange Crypto.com on Tuesday sued the U.S. Securities and Exchange Commission (SEC) over concern that the SEC's actions overstep legal boundaries and undermine the future of the crypto industry in the U.S.

According to Crypto.com, the lawsuit follows a 澳洲幸运5官方开奖结果体彩网:Wells Notice issued in August by the SEC to the company, which is a letter that indicates the SEC's intention to bring an enforcement case against the crypto startup.

The crux of Crypto.com's lawsuit contends that the SEC has unilaterally expanded its jurisdiction beyond the limits established by law, particularly by classifying most crypto transactions as securities dealings.

Crypto.com Suit Accuses SEC of Inconsistency

The company contends that this 澳洲幸运5官方开奖结果体彩网:regulatory position is applied inconsistently, exempting bitcoin (BTCUSD) and ether (ETHUSD) despite their perceived similarity to other crypto assets. 澳洲幸运5官方开奖结果体彩网:Crypto.com also emphasized in the suit that the SEC bypassed key procedural steps, including the notice and comment rulemaking require♉ments under the Administrative Procedure Act.

By filing this suit, Crypto.com said it aims to halt what it views as the SEC’s "unlawful" campaign against the crypto industry. 

Additionally, Crypto.com has filed a petition with the 澳洲幸运5官方开🐟奖结果体彩网:Commodity Futures Trading Commission (CFTC) and the SEC to establish𝔉 a clearer regulatory framework for cryptocurrenc༺y derivatives in the U.S.

Blockchain technology firm Consensys also filed a preemptive lawsuit again🀅st the SEC earlier this year after receiving a Wells Notice.