TL;DR
- SEC Sues Kraken: The SEC filed a lawsuit against Kraken, accusing it of operating without proper securities registration.
- Unregistered Crypto Allegations: The lawsuit targets Kraken for offering trades in multiple cryptocurrencies, including ADA, SOL, and others, without SEC registration.
- Ripple’s XRP Omitted: XRP, Ripple’s token, is not part of this lawsuit, though Ripple faces a separate legal battle with the SEC, with a major trial set for next April.
ADA, SOL, and Many 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. Most recently, it filed a lawsuit against the 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 offered trading services with certain cryptocurrencies without registering them first 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), 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 has not found a spot in the lengthy list is Ripple’s native token – XRP. It is worth mentioning, though, that the SEC touched upon the coin when suing the blockchain enterprise in December 2020.
Back then, the agency accused Ripple of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP.
However, the US magistrates determined in July that the company’s programmatic sales from years ago did not include an offer of investment contract and later dismissed the SEC’s wish to appeal the ruling. A grand trial scheduled for April next year should put an end to the legal saga between the entities.
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