{"id":131107,"date":"2023-11-28T16:22:30","date_gmt":"2023-11-28T16:22:30","guid":{"rendered":"https:\/\/www.techopedia.com"},"modified":"2023-12-05T09:19:43","modified_gmt":"2023-12-05T09:19:43","slug":"sec-vs-kraken-what-we-know-so-far","status":"publish","type":"post","link":"https:\/\/www.techopedia.com\/sec-vs-kraken-what-we-know-so-far","title":{"rendered":"SEC vs Kraken: What We Know So Far"},"content":{"rendered":"<p>The U.S. <a href=\"https:\/\/www.techopedia.com\/definition\/securities-and-exchange-commission-sec\">Securities and Exchange Commission<\/a> (SEC) has recently intensified its scrutiny of <a href=\"https:\/\/www.techopedia.com\/definition\/27531\/cryptocurrency\">cryptocurrency<\/a> exchanges, and a significant development in this regard is the SEC&#8217;s lawsuit against Kraken (SEC vs Kraken).<\/p>\n<p>With Binance and Coinbase also <a href=\"https:\/\/www.techopedia.com\/sec-vs-binance-coinbase-lawsuits-usher-new-era-for-cryptocurrencies\">under the fire (and filings) of the SEC<\/a>, Kraken completes the trilogy as we move into the tail end of 2023.<\/p>\n<p>This article provides an overview of the ongoing legal battle with Kraken based on the information available.<\/p>\n<h2><span id=\"krakens_legal_challenges_mount_what_are_the_sec_accusing_kraken_of\">Kraken&#8217;s Legal Challenges Mount: What Are The SEC Accusing Kraken Of?<\/span><\/h2>\n<ul>\n<li><strong>Unregistered Exchange Operations Alleged: <\/strong>The <a href=\"https:\/\/www.sec.gov\/news\/press-release\/2023-237\" target=\"_blank\" rel=\"noopener\">SEC has charged Kraken<\/a> with operating as an unregistered securities exchange, broker, dealer, and clearing agency. This lawsuit mirrors similar charges previously filed by the <a href=\"https:\/\/www.techopedia.com\/definition\/securities-and-exchange-commission-sec\">SEC<\/a> against other crypto deals.<\/li>\n<li><strong>Allegations of Customer Fund Commingling:<\/strong> One critical allegation in the SEC&#8217;s lawsuit is that Kraken <a href=\"https:\/\/www.reuters.com\/business\/finance\/us-sec-sues-kraken-operating-crypto-trading-platform-without-registering-2023-11-20\/\" target=\"_blank\" rel=\"noopener\">commingled customers&#8217; crypto assets<\/a> and cash reserves with their holdings. This practice, also a point of contention in the <a href=\"https:\/\/www.techopedia.com\/the-sam-bankman-fried-saga-from-crypto-tycoon-to-alleged-fraudster\">FTX collapse<\/a>, raises significant concerns about the security and integrity of customer funds.<\/li>\n<\/ul>\n<h2><span id=\"krakens_response_and_defense_against_sec_claims\">Kraken&#8217;s Response and Defense Against SEC Claims<\/span><\/h2>\n<p>Kraken has publicly disagreed with the SEC&#8217;s stance.<\/p>\n<p>In a <a href=\"https:\/\/www.coindesk.com\/policy\/2023\/05\/12\/krakens-top-lawyer-says-signs-of-progress-in-us-congress-put-sec-in-legal-bind\/\" target=\"_blank\" rel=\"noopener\">statement<\/a>, the exchange argued that digital asset trading platforms like Kraken cannot simply &#8216;register&#8217; with the SEC, as no clear laws support this requirement.<\/p>\n<p>The exchange calls for Congress to <a href=\"https:\/\/www.techopedia.com\/crypto-regulations-inside-the-global-landscape\">establish regulatory clarity<\/a> for cryptocurrency exchanges.<\/p>\n<p>This settlement, however, did not deter the SEC from pursuing further legal action against the exchange.<\/p>\n<p>Earlier this year, Kraken settled charges related to its staking-as-a-service offering, <a href=\"https:\/\/www.investopedia.com\/the-sec-sues-kraken-again-this-time-for-running-an-illegal-crypto-exchange-8405171#:~:text=The%20U.S.%20SEC%20has%20charged,Coinbase%20earlier%20in%20the%20year.\" target=\"_blank\" rel=\"noopener\">agreeing to pay $30 million<\/a>.<\/p>\n<p>Current and former CEOs make their views clear against an agency often accused of being heavy-handed and innovation-unfriendly.<\/p>\n<p>Kraken CEO Dave Ripley tweeted:<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We strongly disagree with the SEC claims, stand firm in our view that we do not list securities, and plan to vigorously defend our position.<\/p>\n<p>As we have seen before, the SEC argues that <a href=\"https:\/\/twitter.com\/krakenfx?ref_src=twsrc%5Etfw\" target=\"_blank\">@krakenfx<\/a>  should \u201ccome in and register\u201d with the agency, when there is no clear path to\u2026<\/p>\n<p>&mdash; Dave Ripley (@DavidLRipley) <a href=\"https:\/\/twitter.com\/DavidLRipley\/status\/1726754746265227386?ref_src=twsrc%5Etfw\" target=\"_blank\">November 21, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>And former CEO Jesse Powell suggested cryptocurrency firms in the USA would be better placed in other countries around the world:<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Message is clear: $30m buys you about 10 months before the SEC comes around to extort you again. Lawyers can do a lot with $30m but the SEC knows that a real fight will likely cost $100m+, and valuable time. If you can&#39;t afford it, get your crypto company out of the US warzone.<\/p>\n<p>&mdash; Jesse Powell (@jespow) <a href=\"https:\/\/twitter.com\/jespow\/status\/1726794688433369290?ref_src=twsrc%5Etfw\" target=\"_blank\">November 21, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span id=\"secs_growing_oversight_over_exchange_activities_implications_for_the_crypto_industry\">SEC&#8217;s Growing Oversight Over Exchange Activities: Implications for The Crypto Industry?<\/span><\/h2>\n<p>This lawsuit is part of SEC Chair Gary Gensler&#8217;s broader push to bring cryptocurrency under <a href=\"https:\/\/www.techopedia.com\/crypto-regulation-challenges\" target=\"_blank\" rel=\"noopener\">regulatory<\/a> purview.<\/p>\n<p>Gensler asserts that digital assets are investment contracts subject to federal securities laws, a viewpoint that has led to increased enforcement actions against crypto entities.<\/p>\n<p>Despite the legal battle, Kraken assures that its services to over 10 million clients will not be affected.<\/p>\n<p>However, the outcome of this lawsuit could set a precedent that significantly impacts how crypto exchanges operate in the United States.<\/p>\n<h2><span id=\"the_sec_v_kraken_lawsuits_broader_context\">The SEC v. Kraken Lawsuit&#8217;s Broader Context<\/span><\/h2>\n<ul>\n<li><strong>SEC&#8217;s Aggressive Stance:<\/strong> The SEC has been actively targeting crypto exchanges for alleged regulatory violations. This <a href=\"https:\/\/www.techopedia.com\/sec-continues-its-regulation-by-enforcement-is-there-a-better-way-but-are-there-better-alternatives\">aggressive approach is part of a strategy<\/a> to establish more explicit regulatory boundaries in the rapidly evolving <a href=\"https:\/\/www.techopedia.com\/definition\/27531\/cryptocurrency\">crypto spac<\/a>e.<\/li>\n<li><strong>Kraken&#8217;s Position:<\/strong> Kraken, founded in 2011 and backed by notable investors, has been a key player in the <a href=\"https:\/\/www.techopedia.com\/definition\/33372\/cryptocurrency-exchange\">crypto exchange<\/a> market. The outcome of this lawsuit could influence the exchange&#8217;s future strategies and position in the market.<\/li>\n<li><strong>Legal and Financial Ramifications:<\/strong> The lawsuit seeks a civil fine, disgorgement of profits from alleged unlawful activities, and a halt to Kraken&#8217;s operation as an exchange without proper registration. The financial and operational impact of these potential penalties could be substantial.<\/li>\n<\/ul>\n<h2><span id=\"whats_next_in_sec_vs_kraken\">What&#8217;s Next in SEC vs Kraken?<\/span><\/h2>\n<p>As the legal proceedings unfold, further details and developments are expected.<\/p>\n<p>For the latest updates on this evolving story, continue to follow our coverage as we delve deeper into the implications of the SEC&#8217;s actions and Kraken&#8217;s response.<\/p>\n<p>It&#8217;s yet another case that will decide the regulatory environment of the U.S. and <a href=\"https:\/\/www.techopedia.com\/definition\/30246\/blockchain\">blockchain<\/a>, and is likely to have far-reaching consequences for the entire cryptocurrency ecosystem.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Securities and Exchange Commission (SEC) has recently intensified its scrutiny of cryptocurrency exchanges, and a significant development in this regard is the SEC&#8217;s lawsuit against Kraken (SEC vs Kraken). With Binance and Coinbase also under the fire (and filings) of the SEC, Kraken completes the trilogy as we move into the tail end [&hellip;]<\/p>\n","protected":false},"author":286474,"featured_media":127228,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"no","_lmt_disable":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[601,602],"tags":[],"category_partsoff":[],"class_list":["post-131107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","category-cryptocurrency"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEC vs Kraken: What We Know So Far - Techopedia<\/title>\n<meta name=\"description\" content=\"What is going on with the SEC vs Kraken lawsuit? 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