Cardano

Solana

Pride

Algorand

<div class="cryptonews">
 <p class="is-style-lead">The U.S. Securities and Exchange Commission (SEC) filed a <a rel="noopener noreferrer nofollow" title="lawsuit" href="https://thebittimes.com/tag/lawsuit.html">lawsuit</a> against Kraken, one of the sphere’s leading crypto exchanges, on Nov. 20, alleging several violations of federal securities laws, including commingling user funds.&nbsp;</p>
 <p>Though the SEC makes serious accusations against the exchange, the lawsuit also makes over 100 citations of Solana and its native coin, SOL, and more than 60 mentions of Cardano and its currency, ADA. The two are among the leading smart contract platforms whose coins are among the top 10 by market cap.&nbsp;</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">Cardano and $ADA <a rel="noopener noreferrer nofollow" title="mentioned" href="https://thebittimes.com/tag/mentioned.html">mentioned</a> 60+ times in SEC Kraken <a rel="noopener noreferrer nofollow" title="lawsuit" href="https://thebittimes.com/tag/lawsuit.html">lawsuit</a>.<br><br>Ask My Anything aka AMA also <a rel="noopener noreferrer nofollow" title="mentioned" href="https://thebittimes.com/tag/mentioned.html">mentioned</a>. #Cardano pic.twitter.com/OtznBBl8eT</p>— St₳kΣ with Pride (@StakeWithPride) November 20, 2023
   </blockquote>
  </div>
 </figure>
 <p>Solana and Cardano have been under increasing regulatory pressure in recent times as the SEC alleges that ADA and SOL, like Algorand (ALGO) and Near Protocol (NEAR), as <a rel="noopener noreferrer nofollow" title="mentioned" href="https://thebittimes.com/tag/mentioned.html">mentioned</a> in the <a rel="noopener noreferrer nofollow" title="lawsuit" href="https://thebittimes.com/tag/lawsuit.html">lawsuit</a>s against Binance and Coinbase in June 2023, are unregistered securities.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Celsius restructuring encounters obstacle due to SEC involvement
 </div>
 <p>Among its claims, the SEC asserts that Kraken acted as an unregistered broker and clearinghouse in its handling of crypto asset transactions, subsequently collecting billions of dollars in fees without putting in place measures to protect investors.</p>
 <p>Specifically, the SEC claims that ADA and SOL are examples of unregistered securities issued illegally, even though “Kraken has long been on notice that its role in the offer and sale of crypto assets as investment contracts made it subject to U.S. securities laws.”</p>
 <p>By repeatedly naming top coins, including Solana and Cardano, in its complaint, the SEC seems to be building its case for increased authority over crypto assets it deems securities under the Howey Test criteria. This aggressive stance has sparked fears of a regulatory “cloud over crypto innovation” in the U.S.&nbsp;</p>
 <p>The lawsuit seeks to permanently prohibit the exchange from operating without SEC registration.&nbsp;</p>
 <p>Kraken has since&nbsp;responded, accusing the SEC of regulating by enforcement, which “harms American consumers, stunts innovation, and damages U.S. competitiveness globally.”</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> FTX-backed Anthropic’s CEO turns down OpenAI’s merger proposal
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/solana-cardano-mentioned-widely-in-sec-s-lawsuit-against-kraken-tbt71054.html">https://thebittimes.com/solana-cardano-mentioned-widely-in-sec-s-lawsuit-against-kraken-tbt71054.html</a></p>

Solana, Cardano mentioned widely in SEC’s lawsuit against Kraken

TheBitTimes

Other articles published on Nov 21, 2023

Borderlands 3 Ultimate Edition Receives Major Performance and Quality-of-Life Update

Earnings Review: Zoom Reports EPS of $1.29 Beating Expectations

Crypto inflows show signs of recovery, but there is a problem

PassPay Co., Ltd. Forms Alliance with EOS Network Foundation and EOS Labs, Centered on Blockchain...

Agreement Made Between CZ, Binance And The US Department Of Justice

Filing for Bankruptcy, Celsius Alters Plans: Transitioning to Bitcoin Mining!

Join our free newsletter for daily crypto updates!