In a statement, Crypto.com says it is suing the SEC to "protect the future of the crypto industry in the US". Crypto.com is the latest digital asset outfit to receive a Wells as the sector battles with the SEC over whether assets listed on their platform are securities or not. Robinhood Crypto revealed in May that it had received a notice while Coinbase has also been sent one. The suit "contends that the SEC has unilaterally expanded its jurisdiction beyond statutory limits and separately that the SEC has established an unlawful rule that trades in nearly all crypto assets are securities transactions no matter how they are sold, whereas identical transactions in bitcoin (BTC) and ether (ETH) are somehow not". Separately, the company’s Derivatives North America unit has filed a petition with the SEC and Commodities Futures Trading Commission seeking to confirm by joint interpretation that certain crypto derivative products are solely regulated by the CFTC.