The United States Securities and Exchange Commission (SEC) has filed a lawsuit against cryptocurrency exchange Kraken, accusing it of operating as an unregistered securities exchange, broker, dealer, and clearing agency. This legal action is part of SEC Chair Gary Gensler’s efforts to assert the agency’s jurisdiction over the crypto industry. The SEC claims that Kraken has been facilitating the buying and selling of crypto asset securities without registering with the SEC, and has acted as a broker, dealer, exchange, and clearing agency. The regulatory body also alleges that Kraken mishandled customer information and commingled customer assets with its own, posing a significant risk of loss for customers. Kraken has vowed to defend itself against the SEC’s allegations, arguing that Congress should be responsible for regulating crypto exchanges. The exchange has stated that the lawsuit will not impact its users or operations. This legal action follows similar lawsuits filed by the SEC against Coinbase and Binance, both of which deny the allegations.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Gary Gensler |
| Companies | Kraken, Coinbase, Binance, SEC |
| Currencies | None |
| Securities | None |
