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Kraken joins crypto exchanges battling SEC lawsuit, denies wrongdoing

kraken-joins-crypto-exchanges-battling-sec-lawsuit-denies-wrongdoing
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News
Kraken joins crypto exchanges battling SEC lawsuit, denies wrongdoing

Crypto exchange Kraken has filed a motion to dismiss the SEC’s lawsuit alleging an unregistered exchange operation and mishandling of customer assets.

In a blog post on Feb. 22, crypto exchange Kraken said it had filed a motion to dismiss the U.S. Securities and Exchange Commission’s (SEC) lawsuit against it in a U.S. court, saying “crypto innovators in the United States should not have to fear retaliation for their political speech.”

Having joined similar actions by other crypto firms like Coinbase and Binance, Kraken emphasized that current laws “do not adequately cover the digital asset industry, and that Congress could do more to put in place a set of rules to better protect consumers and investors.”

“Kraken testified that in any new set of crypto exchange rules, Congress should limit the SEC’s jurisdiction in favor of other agencies. The next day, the SEC called Kraken to say it was going to sue.”

Kraken

In November 2023, the U.S. watchdog accused Kraken of operating an unregistered exchange and improperly handling customer assets, but Kraken denies these claims. The also SEC alleged that Kraken ran an unregistered exchange, commingled customer funds with its own, and used customer cash accounts for company expenses.

However, Kraken argues that the SEC oversteps its authority by attempting to regulate all speculative investments. Moreover, the U.S.-headquartered crypto exchange says the SEC never pointed to any “contract” between buyers on Kraken and token issuers, which is why “there can’t be an ‘investment contract’.” The crypto exchange also notes the SEC “is moving in the wrong direction,” adding that its “theories in litigation are incoherent.”