The Securities and Exchange Commission filed a lawsuit against cryptocurrency exchange Kraken on November 21st, 2023, accusing the company of operating an unregistered securities trading platform. According to the SEC, Kraken enabled users to trade digital assets that should have been registered as securities under U.S. law.
Keypoints
- The SEC filed a lawsuit against crypto exchange Kraken, accusing it of operating an unregistered securities trading platform.
- Kraken allegedly acted as a broker, dealer, exchange, and clearing agency without proper SEC registration.
- The SEC claims Kraken traded numerous tokens that should be registered as securities, including Algorand, Polygon, and NEAR.
- The lawsuit alleges Kraken improperly commingled customer assets with corporate assets, creating significant risk.
- Kraken disputes the claims, arguing Congress should provide regulatory clarity rather than the SEC’s “regulation by…
