crypto

Kraken Denies SEC's Allegations and Criticizes Lack of Transparency

The Big Whale

— 1 min read
  • Kraken, a centralized cryptocurrency exchange, denies SEC's claim of violating securities laws.
  • Kraken argues that the 11 crypto assets in question do not meet the legal definition of securities.
  • The exchange cites a previous court ruling and lack of regulatory guidance as defense.
  • SEC accused of lack of transparency and blocking registration efforts.

Summary :
Kraken, a centralized cryptocurrency exchange, has responded to the SEC's lawsuit, denying allegations of operating as an unregistered securities exchange. The exchange argues against the SEC's classification of 11 crypto assets as "crypto asset securities." Kraken's chief legal officer emphasized that a court had already dismissed the SEC's attempt to classify these tokens as securities. The exchange also criticized the SEC's lack of transparency during the investigation and its failure to provide clear regulatory guidance. A federal judge ruled last month that the SEC lawsuit against Kraken can move forward. Kraken has previously faced litigation over its crypto staking services and agreed to pay a $30 million fine.

Sources :

- Decrypt
- CoinTelegraph

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