While the U.S. is scrutinizing its crypto exchanges, Hong Kong is embracing them.

This is Coindus Daily. I'm your host, Christine Lee.

Cryptoexchange, crypto.com is suing the U.S. Securities and Exchange Commission

after receiving a Wells notice from the regulator, which is typically sent to companies

that are under investigation for potential securities laws violations.

CEO Chris Marslick posting on X, quote, this unprecedented action by our company against a

federal agency is a warranted response to the SEC's regulation by enforcement regime, which has hurt more than

50 million American crypto holders. While we welcome recent bipartisan support for the industry,

that message has not been received by current SEC leadership. Recent rulings have made clear

that crypto is not itself a security and thus is not an investment contract simply

because it changes hands. The SEC's unauthorized, overreach and unlawful rulemaking regarding

crypto must stop. By contrast, Hong Kong is preparing to approve more cryptocurrency exchange

licenses by the end of the year. Hong Kong Securities and Futures Commission CEO, Julia Lung,

saying 11 applicants have undergone an on-site review and she expects further progress in their

applications by year end. Her comments came following the approval of local exchange HKVAX's

application last week, the third exchange in the city to receive regulatory approval.

Finally, have we reached the top? American A-list rapper, Cardi B, is promoting, I can't believe

I'm saying this, wet-ass pussy token on her social media. Security firm Pek Shield warning

Cardi B's ex-account could be compromised as a wallet address she posted is tied to

rugpole projects and other scams. Other on-chain investigators note that Cardi posted various

cat-themed photos before the WAPT token announcement, so it was likely pre-planned. Several critics

note that celebrity-associated tokens are often tied to scams and signal a market top.

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