The Crypto-com exchange was the last company in the target of the SEC, which sent Wells notices (and later sued) to many crypto-focused companies from Coinbase to Ripple, Kraken to Binance. The institution officially sent the Wells notice to Crypto-com, indicating that it may file a lawsuit at the end of the process. Crypto-com officially announced the notice.

They also filed a lawsuit: “Protecting the future of crypto”

This move of the SEC was met with a harsh response from the stock exchange. Crypto-com also sued the SEC for “unfairly and unlawfully exceeding its powers”. In the statement made by Crypto-com on the subject, the following statements were used:

“Today, as Crypto-com, we sued the SEC. We are doing this to protect and defend the crypto world and its future. With this notification, the SEC has unlawfully exceeded its authority and regulation zone. With this notice, it continues its policy of imposing forced regulation. This policy of the institution has left us no choice but to file a lawsuit.

The SEC has established an unlawful rule that almost all cryptocurrencies, no matter how they are sold, are securities transactions, but not the same transactions in Bitcoin and Ether. This unlawful rule did not go through the kind of notice and comment process required by the Administrative Procedure Act.”