Cryptocurrency trading platform Crypto.com announced that it has filed a petition with the CFTC and SEC in the United States. The idea is to join industry colleagues in securing the future of cryptocurrencies in the United States.
Crypto.com and its petition to the US SEC and CFTC to protect the future of cryptocurrencies
Crypto.com, a well-known cryptocurrency trading platform, has joined its industry peers in filing a petition with the US SEC and CFTC. Here is the announcement about X from Kris Marszalek, CEO of Crypto.com:
“Today, http://Crypto.com filed a lawsuit against the SEC to protect the future of cryptocurrencies in the United States.”
Meanwhile, the cryptocurrency exchange commented on the action as follows:
“Today, Crypto.com filed a lawsuit with the U.S. Securities and Exchange Commission (SEC). We are doing this to protect the future of the U.S. crypto industry, and we are I join many of my colleagues who are aggressively defending themselves and taking action against misleading federal agencies.”
In fact, after receiving notice from Wells, Crypto.com decided to aggressively defend itself regarding cryptocurrency regulations.
His petition seeks to explain how the SEC continues its unauthorized and unfair regulatory campaign.
Specifically, the lawsuit by Crypto.com alleges that the SEC has unilaterally expanded its jurisdiction beyond legal limits. Not only that, but separately, the SEC has determined that while almost all exchanges of virtual currencies, regardless of the sales method, are securities transactions, the same transaction of Bitcoin (BTC) and Ethereum (ETH) is not a security transaction. We have established an illegal rule that it is not a transaction.
Crypto.com and its petition: “The SEC’s actions against this sector leave us with no other choice.”
In addition to what has already been said, Crypto.com has decided to use the available regulatory tools to provide certainty to this sector.
In fact, his cause continues with petitions to the CFTC and SEC. Our objective here is to confirm through joint interpretation that some virtual currency derivative products are exclusively regulated by the CFTC.
In fact, Crypto.com highlights the process by which market participants can ask the CFTC and SEC whether a product is a “swap,” a “security-based swap,” or a “mixed swap.” I am thinking of doing so.
Under this joint rule, both the CFTC and the SEC have 120 days to issue a jointly approved interpretation (which also requires public comment) or reject the interpretation. Even if the company refuses to issue the certificate, the reason for not issuing the certificate must be made public in writing.
Not only that, each agency must consult with the Federal Reserve Board (Fed) to render a verdict on derivatives and may also engage in joint regulatory activities in consultation with the Fed.
Crypto.com’s mission is to successfully improve the entire crypto sector through regulatory compliance. The words are:
“We believe that our internationally recognized commitment to regulatory compliance and recent court rulings on SEC claims against participants in the cryptocurrency space place us in a strong position against their unfair practices. Although we are disappointed, we are confident that the U.S. Judiciary will provide much-needed oversight of the current SEC leadership’s arbitrary actions regarding cryptocurrencies and validate our claims. We believe that our success in this matter will reaffirm our operational compliance for the benefit of our clients and the entire U.S. category.”
Cronos (CRO) price
Although the platform has filed a lawsuit with the US SEC, the price of its cryptocurrency Cronos (CRO) does not seem to reflect the great enthusiasm of investors.
At the time of writing, CRO is valued at $0.076, down 3.6% in the past 24 hours. However, in the last 24 hours, the CRO price has fallen to $0.074, so the current price may also recover.
In addition to the price, the CRO market cap also fell to $2 billion, pushing the cryptocurrency to 42nd place. For example, in mid-September, CRO was ranked 37th.
This means that the overall trend of CROs has not yet recovered after months of hardship and has been overtaken by other crypto projects.
