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In a bold response to the U.S. Securities and Exchange Commission’s (SEC) legal action, cryptocurrency giant Kraken staunchly defends itself against accusations of operating as an unregistered online trading platform. The exchange, with over 9 million users, asserts that the lawsuit has no impact on its commitment to clients and global partners.
Kraken, in a detailed blog post, refutes the SEC’s claims, asserting that the lawsuit does not allege fraud, market manipulation, customer losses, or breaches of fiduciary duty. The exchange vehemently challenges the SEC’s characterization of its products as investment contracts, labeling the claim as incorrect, false, and disastrous.
Kraken argues that there is no legal basis supporting the SEC’s position, accusing the regulator of demanding compliance with a nonexistent regulatory framework.
Part of Broader SEC Crypto Crackdown
The SEC’s lawsuit against Kraken is part of a wider crackdown on cryptocurrency exchanges perceived as potential risks for investors. Notably, the SEC has targeted other major platforms, like Coinbase and Binance for similar reasons.
Faryar Shirzad, Coinbase’s chief policy officer, weighed in on the situation, emphasizing the importance of applying actual laws in a post on X. He highlighted the longstanding tradition and legal requirements of the rule of law since America’s founding.
The rule of law requires that the rulers apply actual laws.It’s been a long honored tradition – and a legal requirement – since America’s founding. It’s also a critical underpinning of the government ruling by the consent of the governed. https://t.co/MaOXJJq3iH
— Faryar Shirzad 🛡️ (@faryarshirzad) November 21, 2023
The SEC’s lawsuit also raised concerns about Kraken commingling customers’ assets with its own, posing a risk of loss. Kraken rebuffs this, stating that it merely spent fees already earned and clarifying that the SEC did not allege any missing or misused funds.
Kraken Remains Resilient Against the SEC
Kraken, as one of the oldest and most popular cryptocurrency exchanges globally, remains resilient in the face of regulatory challenges. With a diverse array of services, including spot trading, futures, margin, staking, and lending, Kraken reaffirms its commitment to its users and partners amidst the legal storm.
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