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Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
crypto

Kraken Rejects SEC Allegations, Insists Crypto Assets Aren’t Securities

Ash Tiwari
by Ash Tiwari
11 months ago
·
Posted in Crypto regulation
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Centralized cryptocurrency trading platform Kraken has again refuted the US Securities and Exchange Commission’s (SEC) allegations that the exchange sold digital assets that qualify as unregistered securities.

Kraken vs. SEC, A Battle Of Legal Definitions

In its response, the San Francisco-headquartered exchange insisted it had not violated federal securities laws. Specifically, the exchange mentions that the digital assets sold on its platform do not meet the legal definition of securities or investment contracts.

Related Reading: Crypto Clash: Kraken Challenges SEC’s Definition Of Securities

Specifically, the exchange states that digital assets such as Algorand (ALGO), Cosmos (ATOM), Polygon (POL), Filecoin (FIL), Solana (SOL), and Cardano (ADA) – among others available on the platform – are not investment contracts. Kraken is now set to pursue a jury trial against the SEC.

The exchange writes in its official filing:

Kraken has tried to work with the SEC to make registration feasible. But the industry’s efforts have been stonewalled at every step, as the SEC has instead chosen to pursue a strategy of fighting with its sister regulators for enforcement authority its Chair admitted it did not have.

For the uninitiated, in November 2023 the SEC filed a lawsuit against Kraken, accusing it of operating an unregistered crypto exchange for digital assets. Unsurprisingly, Kraken CEO Jesse Powell criticized the SEC’s lawsuit, calling it a “recurring attempt” at regulation.

While the SEC has gained infamy for its perceived continual policing of crypto businesses, Kraken has found support from US Senator Cynthia Lummis, who argued that the SEC “cannot continue ruling by enforcement” without clear crypto laws. 

To bolster its position, in its filing, Kraken has cited the SEC v. W.J. Howey Co. ruling, which led to the inception of the famous Howey Test that helps determine whether a transaction could qualify as a security or investment contract. The crypto exchange has emphasized the SEC’s inability to prove that the cryptocurrencies in question meet the criteria for securities.  

Kraken’s decision to pursue a jury trial against the financial regulator follows a federal judge’s ruling that paved the way for the SEC’s lawsuit against the exchange to proceed to trial. It also comes at a time when the SEC has acknowledged that using the term “crypto asset security” isn’t entirely free of ambiguous interpretations.

US SEC’s Crackdown On Crypto Entities Continues

The US SEC’s alleged overreach into the crypto industry has forced several states to come together in defense of digital assets businesses, as these states have strict laws that aim to safeguard their consumers more than federal securities.

Related Reading: Kraken Fires Back At US SEC, Points To Legal Precedent

In August 2024, leading non-fungible-token (NFT) platform OpenSea came under the SEC radar when it received a Wells notice from the regulator, hinting that the NFTs traded on the platform may fall under the definition of securities. Bitcoin trades at $58,461 at press time, up by 1.5% in the 24-hour timeframe.

bitcoin
Bitcoin continues its slow recovery on the daily chart | Source: BTCUSDT on TradingView.com
Featured Image from Unsplash.com, Chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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