🚀 🔥 Crypto.com Sues SEC and Chair Gary Gensler After Receiving Wells Notice 🔥
#CryptoCom #SEC #GaryGensler #WellsNotice #Lawsuit #Cryptocurrency #CFTC #Regulation #NetworkTokens #SecondaryMarket
According to CoinDesk: Crypto.com has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC), along with its Chair Gary Gensler and four commissioners, following the receipt of a Wells Notice from the regulator. The lawsuit seeks to block the SEC from what it claims is an unlawful expansion of its jurisdiction over secondary-market sales of certain network tokens traded on the exchange.The suit, filed by Foris DAX Inc., the entity operating as Crypto.com, seeks declaratory and injunctive relief to prevent the SEC from exerting authority over these transactions. Wells notices serve as preliminary notifications, warning of potential charges the regulator may bring, typically leading to enforcement actions.In a related move, Crypto.com has also submitted a petition to both the Commodity Futures Trading Commission (CFTC) and the SEC, requesting a joint interpretation to confirm that certain cryptocurrency derivative products fall under the CFTC’s regulatory oversight, not the SEC's. #CryptoCom #SEC #GaryGensler #WellsNotice #Lawsuit #Cryptocurrency #CFTC #Regulation #NetworkTokens #SecondaryMarket
🚀 SEC Chair Advocates for Limited ICO Regulation
#SEC #PaulAtkins #ICO #Blockchain #Cryptocurrency #TokenClassification #DigitalCollectibles #NetworkTokens #TokenizedSecurities #Regulation
According to BlockBeats, SEC Chairman Paul Atkins stated at the Blockchain Association's annual policy summit that various types of Initial Coin Offerings (ICOs) should be considered non-securities transactions and thus fall outside the SEC's regulatory scope.
Atkins referenced his recently introduced token classification framework, which divides the cryptocurrency industry into four main token categories. He emphasized that network tokens, digital collectibles, and digital utilities should not be classified as securities, and their related ICOs should also be viewed as non-securities transactions. Atkins highlighted that the only ICO category the SEC should regulate is tokenized securities, which involve the tokenization of securities already under SEC regulation.#SEC #PaulAtkins #ICO #Blockchain #Cryptocurrency #TokenClassification #DigitalCollectibles #NetworkTokens #TokenizedSecurities #Regulation
🚀 Bitcoin Advocacy Groups Urge U.S. Congress to Expand Tax Exemptions
#Bitcoin #BitcoinAdvocacy #USTaxPolicy #Stablecoins #GENIUSstandard #NetworkTokens #TaxExemptions #Cryptocurrency #MarketCapitalization #Blockchain #BTC
According to BlockBeats, on January 14, several Bitcoin advocacy organizations, including the Bitcoin Policy Institute, have jointly written to U.S. Congress tax leaders. They are urging the expansion of minimum exemption criteria to include Bitcoin and major network tokens, not just stablecoins. The coalition proposes that stablecoins meeting the GENIUS standard be treated like cash. Additionally, they suggest a market capitalization threshold of $25 billion for eligible network tokens to qualify for exemptions, with a single transaction limit of $600 and an annual cap of $20,000.#Bitcoin #BitcoinAdvocacy #USTaxPolicy #Stablecoins #GENIUSstandard #NetworkTokens #TaxExemptions #Cryptocurrency #MarketCapitalization #Blockchain #BTC