Crypto.com: Has a "strong legal basis" in legal battle with the U.S. SEC

2024-10-18 21:20:17

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According to ChainCatcher news, as reported by Cointelegraph, Crypto.com's Chief Legal Officer Nick Lundgren stated that the recent ruling against the U.S. Securities and Exchange Commission (SEC) provides a "strong legal foundation" for its lawsuit against the regulator. Crypto.com filed a lawsuit after receiving a Wells notice from the SEC, claiming that the SEC's actions were "unauthorized and unfair regulation."

In recent years, the crypto industry has achieved some significant victories in legal battles with the SEC, such as Grayscale Investments winning a lawsuit in August 2024, transforming its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin exchange-traded fund (ETF).

Additionally, a ruling in July 2023 determined that XRP is not a security when sold on digital asset exchanges. The Wells notice from Crypto.com does not mean it must cease operations in the U.S., as it continues to provide services in 49 states and has its headquarters in Texas.

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