Kraken Accused by SEC of Operating Unregistered Platform, Improperly Mixing Customer Funds

“We disagree with the SEC’s grievance in opposition to Kraken, stand agency in our view that we don’t record securities and plan to vigorously defend our place,” Kraken stated in a press release. “The SEC has repeatedly challenged crypto exchanges to come back in and register with out a single legislation supporting their place and no clear path to registration. And regardless of opposition from lawmakers, the SEC continues to pursue authorized motion in opposition to these crypto exchanges. For years, we now have advocated for efficient U.S. market regulation that addresses the distinctive dangers and advantages which crypto presents to all people. We consider Congressional motion is essentially the most applicable path to resolving the dearth of regulatory readability within the U.S. It’s disappointing to see the SEC proceed down its path of regulation by enforcement, which harms American customers, stunts innovation and damages U.S. competitiveness globally.”