The lawsuit, officially brought by Foris DAX Inc., operating as Crypto.com, seeks declaratory and injunctive relief against the SEC. According to Crypto.com’s blog post, the SEC has imposed an unauthorized rule that reclassifies nearly all network tokens as securities under its jurisdiction without going through the proper rulemaking process required by the Administrative Procedure Act (APA).

This unilateral enforcement action by the SEC is viewed as inconsistent with established federal law, which has previously exempted certain network tokens from securities regulations. Crypto.com specifically points out that the SEC has arbitrarily chosen to exclude bitcoin and ether from this categorization, despite their similarities to the other tokens.

Crypto.com’s court filing also addresses the broader issue of regulatory overreach, criticizing the SEC’s “regulation by enforcement” strategy. The platform contends that the SEC’s actions have created uncertainty within the industry, forcing companies like Crypto.com to challenge these measures through legal avenues. The company maintains that network tokens sold on its platform, such as SOL, ADA, and BNB, function similarly to bitcoin and ether, yet they are unfairly targeted by the SEC. The lawsuit calls for a permanent injunction against the SEC’s enforcement of these rules.

In conjunction with this lawsuit, Crypto.com has also filed a petition with the Commodity Futures Trading Commission (CFTC) and the SEC, seeking clarity on the regulation of crypto derivatives. The company remains committed to compliance, holding numerous regulatory approvals in the U.S. and globally, and expects that the courts will validate their stance against what they describe as the SEC’s arbitrary actions.

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