- SEC files lawsuit against Kraken: The SEC filed a lawsuit against Kraken, accusing it of operating without proper securities registration.
- Unregistered Crypto Charges: The lawsuit targets Kraken for offering trades in multiple cryptocurrencies, including ADA, SOL, and others, without SEC registration.
- Ripple’s XRP dropped: XRP, Ripple’s token, is not part of this lawsuit, although Ripple faces a separate legal battle with the SEC, with a major trial scheduled for next April.
ADA, SOL, and more
The US Securities and Exchange Commission is famous for its predominantly hostile stance towards the cryptocurrency industry, using every opportunity to undermine the sector or some of the companies involved in it. Recently, it filed a lawsuit against trading venue Kraken, accusing it of operating as an unregistered securities exchange, broker, dealer and clearing agency.
The regulator also alleged that the platform had provided trading services with certain cryptocurrencies without first registering with the commission.
Those assets include Cardano (ADA), Solana (SOL), The Sandbox (SAND), NEAR Protocol (NEAR), Polygon (MATIC), Avalanche (AXS), Algorand (ALGO), Cosmos (ATOM), Chiliz (CHZ). Are. COTI (COTI), The Sandbox (SAND), Decentraland (MANA), Dash (DASH), Filecoin (FIL), Flow (FLOW), Internet Computer (ICP), and OMG Network (OMG).
Ripple (XRP) is not included
One crypto asset that did not make the long list is Ripple’s native token – XRP. However, it is notable that the coin was touched by the SEC when it sued the blockchain venture in December 2020.
At the time, the agency accused Ripple of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP.
However, US magistrates determined in July that the company’s programmatic sales years earlier did not involve an offering of investment contracts and later rejected the SEC’s desire to appeal the decision. A grand trial in April next year should bring an end to the legal saga between the institutions.
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