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Crypto.com Challenges SEC's Digital Asset Classification
On 8 October, Crypto.com made two novel, strategic moves to seek regulatory clarity regarding the classification of digital assets. First, the digital asset exchange sued the SEC, claiming that the SEC exceeded its statutory authority with respect to its classification of digital assets as securities without any notice-and-comment rulemaking as required under the Administrative Procedure Act (APA). Second, Crypto.com’s affiliate that is a CFTC-registered derivatives exchange petitioned the SEC and CFTC to provide a joint interpretation on how its swap products should be governed by the agencies. Crypto.com’s ... (full story)