- Kraken challenges SEC, denying allegations of operating as an unregistered securities exchange.
- Tension between crypto firms and regulators highlighted as Kraken seeks dismissal of SEC case.
- Jesse Powell advocates industry self-regulation amid Kraken’s legal stand against SEC regulation.
Fox Business reporter Eleanor Terret took to X to address that Kraken, the second-largest cryptocurrency exchange in the United States, has taken legal action, filing a motion in a Northern California court to dismiss allegations put forward by the Securities and Exchange Commission (SEC). The SEC alleges that Kraken is operating as an unregistered securities exchange, broker, dealer, and clearing agency, prompting Kraken to challenge these claims.
NEW: We now have the nation’s #1 and #2 #crypto exchanges using the courts to fight back against regulation by enforcement by the @SECGov.What an interesting year this is turning out to be. https://t.co/7elZPDj4q5
— Eleanor Terrett (@EleanorTerrett) February 23, 2024
A Kraken spokesperson emphasized the clarity of legal statutes, asserting that none of the assets mentioned in the SEC’s complaint meet the criteria for “inves…
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