Crypto.com has initiated a lawsuit against the SEC, alongside its Chair Gary Gensler, in response to a Wells Notice indicating potential regulatory actions against them.
The lawsuit aims to obtain relief from what Crypto.com argues is the SEC's unlawful expansion of jurisdiction over secondary-market sales of certain network tokens.
In conjunction with the lawsuit, Crypto.com seeks clarity on the regulation of cryptocurrency derivative products, asserting that they fall under the CFTC's jurisdiction exclusively.
Following the announcement, the price of Cronos, Crypto.com's native token, experienced a decline of up to 4.7%, highlighting volatility in response to regulatory news.
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