In a significant development, Crypto.com has been served a Wells notice by the SEC and has filed a suit against the securities regulator. The exchange argues that the SEC is unlawfully expanding its jurisdiction to cover certain cryptocurrencies. Wells notices, which precede formal enforcement actions, have become common in recent times. However, such counter-suits by companies tend to have a low success rate. The SEC has not commented on the matter. In other news, Galaxy Research has noted that bitcoin's fourth-quarter returns have historically been positive, potentially indicating a lucrative period ahead. Furthermore, a bankruptcy judge has approved a plan to repay investors in the FTX case, with non-government creditors set to receive at least 118% of the value in their accounts. Mark Cuban has criticized the SEC's regulatory approach and lack of clear guidelines, while politicians like Kamala Harris and Donald Trump have expressed their support for the crypto industry without offering specific plans. The FTX repayment plan and the upcoming US presidential election may draw attention to the need for comprehensive crypto regulation.



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