CandleFocus Crypto.com v. SEC Is a Bold, 'Bet the Company' Case
2024-10-18
Author: Content Editor
Cryptocurrency exchange Crypto.com has filed a lawsuit against the US Securities and Exchange Commission (SEC), seeking relief to prevent the SEC from expanding its jurisdiction over secondary-market sales of certain network tokens. The company received a Wells notice from the SEC accusing it of operating as an unregistered broker-dealer and securities clearing agency. In response, Crypto.com hired Noel Francisco, a former US Solicitor General, suggesting that the company views the case as existential. The company also moved its US headquarters to Tyler, Texas, which is in the jurisdiction of the conservative United States District Court for the Eastern District of Texas and the influential Fifth Circuit Court of Appeals, known for its anti-agency jurisprudence. If Crypto.com's lawsuit proceeds, it could challenge the SEC's authority to regulate the cryptocurrency industry and potentially change the game.
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