Crypto.com has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) following the receipt of a Wells Notice from the agency. The notice indicates that SEC staff believe Crypto.com may have violated federal securities laws, suggesting that enforcement action could be imminent. In its lawsuit, Crypto.com argues that the SEC has overstepped its jurisdiction by classifying most cryptocurrencies, except Bitcoin (BTC) and Ethereum (ETH), as securities without proper rule-making procedures. The exchange contends that the SEC's actions are an unlawful expansion of its regulatory authority and claims it has 'no other choice' but to challenge the regulator in court. This legal move mirrors similar actions taken by other crypto firms in response to regulatory scrutiny in the U.S.