CryptoMediaClub
Wednesday, June 25, 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

Peter Thiel’s Founders Fund Backs $200M Raise for Polymarket at $1B Valuation
All news

Peter Thiel’s Founders Fund Backs $200M Raise for Polymarket at $1B Valuation

25.06.2025
0

Polymarket, a crypto-based prediction market platform, is on the verge of closing a $200 million raise that would value the...

Read moreDetails
Eight South Korean Banks Join to Establish Won-Backed Stablecoin, Plans Two Key Models

Eight South Korean Banks Join to Establish Won-Backed Stablecoin, Plans Two Key Models

25.06.2025
ChatGPT Picks The Top 3 Coins To Take Positions in Before End of June 2025

ChatGPT Picks The Top 3 Coins To Take Positions in Before End of June 2025

25.06.2025
Crypto Price Prediction Today 24 June – SHIB, TON, PEPE

Crypto Price Prediction Today 24 June – SHIB, TON, PEPE

25.06.2025
Russian Crypto Mining Chief: Bitcoin Could Hit $130k Before Summer Is Out

Russian Crypto Mining Chief: Bitcoin Could Hit $130k Before Summer Is Out

25.06.2025
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

Swiss Financial institution PostFinance Introduces Ethereum Staking for Passive Earnings

Swiss Financial institution PostFinance Introduces Ethereum Staking for Passive Earnings

5 months ago
Top Altcoins to Watch as Ripple Victory Brings Pump

Top Altcoins to Watch as Ripple Victory Brings Pump

2 years ago
Ethereum Foundation releases first 1TS outlining roadmap to tackle security challenges

Ethereum Foundation releases first 1TS outlining roadmap to tackle security challenges

2 weeks ago
Binance’s Market Share Drops as Rivals and DEXs Gain Ground: Report

Binance’s Market Share Drops as Rivals and DEXs Gain Ground: Report

8 months ago

Categories

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

Highlights

Crypto Price Prediction Today 24 June – SHIB, TON, PEPE

Russian Crypto Mining Chief: Bitcoin Could Hit $130k Before Summer Is Out

Senate GOP Unveils Bold Crypto Market Structure Principles – Here’s What Could Change

Number of XRP holders almost doubled within six months, overtaking Solana

Bitcoin Rebounds to $105,000 After Truce Claimed in Middle East – What’s Next?

Dogwifhat Rockets 20% as Bitcoin Breaches $106K – Is a $1.00 Breakout Next?

Trending

Peter Thiel’s Founders Fund Backs $200M Raise for Polymarket at $1B Valuation
All news

Peter Thiel’s Founders Fund Backs $200M Raise for Polymarket at $1B Valuation

25.06.2025
0

Polymarket, a crypto-based prediction market platform, is on the verge of closing a $200 million raise that...

Eight South Korean Banks Join to Establish Won-Backed Stablecoin, Plans Two Key Models

Eight South Korean Banks Join to Establish Won-Backed Stablecoin, Plans Two Key Models

25.06.2025
ChatGPT Picks The Top 3 Coins To Take Positions in Before End of June 2025

ChatGPT Picks The Top 3 Coins To Take Positions in Before End of June 2025

25.06.2025
Crypto Price Prediction Today 24 June – SHIB, TON, PEPE

Crypto Price Prediction Today 24 June – SHIB, TON, PEPE

25.06.2025
Russian Crypto Mining Chief: Bitcoin Could Hit $130k Before Summer Is Out

Russian Crypto Mining Chief: Bitcoin Could Hit $130k Before Summer Is Out

25.06.2025
  • 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