Recent Lawsuit Against Kraken by SEC
The US Securities and Exchange Commission (SEC) has filed a lawsuit against the trading venue Kraken, alleging that the platform operated as an unregistered securities exchange, broker, dealer, and clearing agency. The lawsuit also targets Kraken for offering trading services with certain cryptocurrencies, including ADA, SOL, and others, without proper registration with the Commission.
ADA, SOL, and More Cryptocurrencies
The SEC’s lawsuit alleges that Kraken offered trading services with several cryptocurrencies, including ADA, SOL, The Sandbox, NEAR, MATIC, AXS, ALGO, ATOM, CHZ, COTI, SAND, MANA, DASH, FIL, FLOW, ICP, and OMG, without proper registration. These assets were allegedly traded on the platform without SEC registration.
Ripple‘s native token, XRP, is not part of this lawsuit. However, Ripple is facing a separate legal battle with the SEC, with a major trial set for April next year. The SEC had previously accused Ripple of illegally raising over $1.3 billion in an unregistered securities offering by selling XRP, but a court ruling in July determined that the company’s sales did not include an offer of an investment contract. The legal battle between the entities is set to be resolved in April next year.
### News source: cryptopotato.com