CryptoMediaClub
Monday, June 2, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

Kraken Files to Dismiss SEC Lawsuit Arguing It Sets a ‘Dangerous Precedent’

23.02.2024
A A
0
126
VIEWS
ShareShare

Kraken, a prominent cryptocurrency exchange, has filed to dismiss the Securities and Exchange Commission lawsuit saying that allowing this case to continue would set a “dangerous precedent.”

In the filing, Kraken has requested that the court dismiss the SEC’s case filed in November. The SEC alleged in November that the exchange’s parent companies were operating Kraken’s crypto trading platform as an unregistered securities exchange, broker, dealer, and clearing agency.

The SEC has filed a similar lawsuit against Coinbase.

In a blog post, Kraken said: “Today, we filed a motion asking the Court to dismiss the SEC’s lawsuit against Kraken. The SEC’s Complaint did not claim any fraud or consumer harm whatsoever. It made only a registration-based argument that Kraken operates as an unlicensed securities exchange, broker, dealer and clearing agency because crypto tokens are so-called “investment contracts.” Even taking all of the SEC’s allegations in the Complaint as true – and many are not – its argument is flawed as a matter of law.”

By allowing this case to continue sets a “dangerous precedent for agency overreach,” said Kraken in a blog post. The exchange stresses that the SEC never points to any “contract” between buyers on Kraken and token issuers, so there can’t be an “investment contract.”

Kraken adds that with no precedent to defend its self-serving attempt at expanding its jurisdiction, the SEC instead relies on ambiguity and contradiction.

“Vigorously Defend Our Position.” — Kraken

Kraken denies the claims made by the SEC, stating it would “vigorously” defend its position. According to the SEC’s complaint, “since at least September 2018, Kraken has made hundreds of millions of dollars unlawfully facilitating the buying and selling of crypto asset securities.”

The commission seeks injunctive relief, conduct-based injunctions, disgorgement of ill-gotten gains, interest, and penalties. However, it also included that it had settled with Kraken for $30 million in February. The SEC added that the exchange agreed to stop offering or selling securities through crypto asset staking services or staking programs.

In November, Jesse Powell, co-founder of crypto exchange Kraken, called the US regulators masochists attacking America and extortionists chasing crypto companies out of the country. Powell came after the country’s regulators, specifically the SEC.

The crypto exchange has argued that the SEC has made it difficult for crypto companies to register and comply with the unclear rules. Furthermore, it argued that the regulator “has repeatedly challenged crypto exchanges to come in and register,” but it doesn’t have “a single law” supporting its position.

The post Kraken Files to Dismiss SEC Lawsuit Arguing It Sets a ‘Dangerous Precedent’ appeared first on Cryptonews.

Share10Tweet6ShareSharePin2

Related Posts

IMF Warns Against Pakistan’s Power Push for Bitcoin Mining, AI Data Centers
All news

IMF Warns Against Pakistan’s Power Push for Bitcoin Mining, AI Data Centers

01.06.2025
0

Key Takeaways: The IMF has questioned Pakistan’s plan to power Bitcoin mining and AI centers. It raised concerns over legal...

Read moreDetails
XRP Price Prediction: Price Hovering Around $2.16 – Is XRP Building the Strength Needed to Break $3?

XRP Price Prediction: Price Hovering Around $2.16 – Is XRP Building the Strength Needed to Break $3?

01.06.2025
Solana Price Prediction: With SOL at $154.00 and Pressure Building, Is a Breakout Past Key Resistance Levels on the Horizon?

Solana Price Prediction: With SOL at $154.00 and Pressure Building, Is a Breakout Past Key Resistance Levels on the Horizon?

01.06.2025
Bitcoin Price Prediction: $104K – BTC Price Correction or Breakout Reloading?

Bitcoin Price Prediction: $104K – BTC Price Correction or Breakout Reloading?

01.06.2025
HABE Launches Ethereum-Based Platform for Creative Project Funding

HABE Launches Ethereum-Based Platform for Creative Project Funding

01.06.2025
Load More
Next Post
Texas Blockchain Council, Riot Platforms Sue EIA Over Sensitive Bitcoin Mining Data Order

Texas Blockchain Council, Riot Platforms Sue EIA Over Sensitive Bitcoin Mining Data Order

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Capital Adequacy Model for Stable Value Tokens Presented

Capital Adequacy Model for Stable Value Tokens Presented

10 months ago

Missing Crypto Millionaire’s Body Parts Found in a Suitcase: Report

2 years ago
Cardano Price Prediction: On-Chain Data Shows Whales Accumulated While Retail Sold – Is a Parabolic Move Coming?

Cardano Price Prediction: On-Chain Data Shows Whales Accumulated While Retail Sold – Is a Parabolic Move Coming?

2 days ago
Donate Your Bitcoin And Become A Citizen Of El Salvador

Donate Your Bitcoin And Become A Citizen Of El Salvador

1 year ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Bitcoin Price Prediction: $104K – BTC Price Correction or Breakout Reloading?

HABE Launches Ethereum-Based Platform for Creative Project Funding

BitMEX Uncovers Security Flaws in North Korea’s Lazarus Group Operations

WEMIX Faces June 2 Delisting After Court Ruling – Can the Gaming Token Bounce Back?

Crypto Regulation Chaos: Trump Dinner, $2.5B Bitcoin Play, SEC Drops Binance Suit

JD.com Stablecoin Hits Phase 2 Hong Kong Sandbox Testing and Targets Global Payments

Trending

IMF Warns Against Pakistan’s Power Push for Bitcoin Mining, AI Data Centers
All news

IMF Warns Against Pakistan’s Power Push for Bitcoin Mining, AI Data Centers

01.06.2025
0

Key Takeaways: The IMF has questioned Pakistan’s plan to power Bitcoin mining and AI centers. It raised...

XRP Price Prediction: Price Hovering Around $2.16 – Is XRP Building the Strength Needed to Break $3?

XRP Price Prediction: Price Hovering Around $2.16 – Is XRP Building the Strength Needed to Break $3?

01.06.2025
Solana Price Prediction: With SOL at $154.00 and Pressure Building, Is a Breakout Past Key Resistance Levels on the Horizon?

Solana Price Prediction: With SOL at $154.00 and Pressure Building, Is a Breakout Past Key Resistance Levels on the Horizon?

01.06.2025
Bitcoin Price Prediction: $104K – BTC Price Correction or Breakout Reloading?

Bitcoin Price Prediction: $104K – BTC Price Correction or Breakout Reloading?

01.06.2025
HABE Launches Ethereum-Based Platform for Creative Project Funding

HABE Launches Ethereum-Based Platform for Creative Project Funding

01.06.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz