SEC’s Latest Lawsuit Tags ADA, AXS, ALGO, ATOM, CHZ, COTI, DASH, FIL, FLOW, ICP, MANA, MATIC, NEAR, OMG, SAND, and SOL as Securities in Kraken Battle

By 0xGorki 11/21/23 9:42 AM

The cryptocurrency exchange Kraken is once again in the spotlight, grappling with legal challenges as the U.S. Securities and Exchange Commission (SEC) files a lawsuit targeting its operations. This latest lawsuit from the SEC has placed several cryptocurrencies under the category of securities, including ADA, AXS, ALGO, ATOM, CHZ, COTI, DASH, FIL, FLOW, ICP, MANA, MATIC, NEAR, OMG, SAND, and SOL.

This isn’t the first time the SEC has taken action against major crypto exchanges, with previous lawsuits filed against industry giants like Binance and Coinbase. Allegations in those cases focused on tokens such as ADA, SOL, and Polygon (MATIC) being deemed unregistered securities.

In response to the SEC’s lawsuit, Kraken’s CEO, Dave Ripley, vehemently rebuked the claims made by the regulatory body. Ripley was resolute in asserting that Kraken does not list securities. He highlighted the absence of a clear registration path with the SEC and pointed out factual inaccuracies in the allegations, stressing that these issues highlight broader challenges within U.S. regulatory policies concerning cryptocurrencies.

Ripley did not shy away from addressing the need for immediate action, calling upon Congress to intervene and address the regulatory ambiguities plaguing the crypto sphere. Kraken’s CEO pledged the company’s unwavering support for initiatives aimed at bringing clarity to the regulatory environment governing cryptocurrencies in the United States.

Despite the looming legal battle, Kraken reassures its clients, both in the U.S. and globally, that its commitment to its mission remains steadfast. The exchange asserts that the current services offered will continue without any impact, emphasizing its dedication to serving its users amid these legal challenges.

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