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Crypto.com Faces SEC Scrutiny After Receiving Wells Notice
Summary: Cryptocurrency exchange Crypto.com is facing regulatory hurdles after receiving a Wells notice from the U.S. Securities and Exchange Commission (SEC). A Wells notice serves as an informal warning issued by the SEC before initiating a civil lawsuit against a company. It allows companies to address the SEC's concerns and potentially avoid formal legal action. Details ...
Cryptocurrency exchange Crypto.com is facing regulatory hurdles after receiving a Wells notice from the U.S. Securities and Exchange Commission (SEC).
A Wells notice serves as an informal warning issued by the SEC before initiating a civil lawsuit against a company. It allows companies to address the SEC's concerns and potentially avoid formal legal action.
Details surrounding the notice remain undisclosed, but Crypto.com confirmed its receipt and took a defiant stance. The exchange reportedly filed a lawsuit against the SEC, challenging the regulator's authority over cryptocurrency transactions.
According to Crypto.com, the SEC is overstepping its legal boundaries by classifying nearly all crypto transactions as securities, regardless of the sale method. The lawsuit claims this treatment is inconsistent, as similar transactions involving Bitcoin (BTC) and Ethereum (ETH) haven't faced the same scrutiny.
Tags: Crypto.com,SEC,Wells Notice
Link: Crypto.com Faces SEC Scrutiny After Receiving Wells Notice [Copy]
