Kraken, a leading cryptocurrency exchange, is pushing back against the U.S. Securities and Exchange Commission (SEC) in a legal battle, demanding a jury trial to defend itself against claims of unregistered securities violations.
SEC’s Accusations
The SEC has accused Kraken of offering unregistered securities, including popular cryptocurrencies like ADA, ALGO, SOL, and MATIC. The regulator claims Kraken acted as an unregistered broker and exchange, violating federal securities laws.
Kraken’s Legal Defense
Kraken has denied the allegations, arguing that the digital assets it offers do not meet the legal definition of securities. The company insists it is not required to register as a broker or exchange, as its services fall outside the traditional framework of securities regulations.
First Amendment Claims
Kraken has also accused the SEC of violating its First Amendment rights by targeting its legal activities without due process. The exchange is confident in its legal strategy and aims to challenge the SEC’s authority over digital assets and cryptocurrency exchanges.
Source:
Coinpaprika
