Yesterday, the US Securities and Exchange Commission (SEC) filed another lawsuit against the crypto exchange Kraken. The second lawsuit in under a year, the legal action has been rejected by key figures in the crypto industry, including a founding member of the company.

Jesse Powell Criticizes SEC’s Repeat Actions, Foresees Regulatory Struggles

Jesse Powell, Kraken’s former CEO and founder, has criticized the United States Securities and Exchange Commission (SEC) for the lawsuit. As mentioned, the crypto company settled a legal dispute with the regulator in February, agreeing to pay a $30 million fine and shut down their crypto staking services.

In that sense, Powell expressed frustration, suggesting that the SEC’s actions are a “recurring attempt” at regulation, costing companies “significantly” in legal battles and time. “The message is clear,” he stated, “if you can’t afford it, get your crypto company out of the US warzone.”

Kraken claims the platform “stands firm in its mission and commitment to crypto innovation in the United States.” As

Despite the SEC’s complaint, which the company intends to defend itself against, Kraken reassures its clients that its services will continue without interruption.

The company emphasizes that the allegations involve no fraud, market manipulation, or misused funds but rather hinge on a technical argument about whether its digital assets are “investment contracts.”

Kraken Defends Its Operations, Rejects SEC’s Unregistered Securities Allegations

Kraken
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Author: Reynaldo Marquez

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