Cryptocurrency

Eden

Diamond

<div class="insidebitcoins">
 Cryptocurrency exchange Kraken filed to dismiss a November lawsuit from the US Securities and Exchange Commission (SEC), arguing that it would set a ”dangerous precedent for agency overreach.”
 The SEC is suing Kraken for allegedly operating as an unlicensed securities exchange, broker, dealer and clearing agency, and for unlawfully selling ”crypto asset securities” that it says are investment contracts. Kraken was also accused of commingling $33 billion in customer assets with business funds due to poor internal controls.
 In a Feb. 22 blog post coinciding with the filing,&nbsp;Kraken took issue with the SEC’s argument that there can be an investment contract with no contract, no post-sale obligation and no interaction at all between issuer and purchaser
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Today, the SEC filed a complaint alleging that Kraken operates as an unregistered national securities exchange, broker, and clearing house. We disagree with their claims and plan to vigorously defend our position. https://t.co/a0C4wzBo3f
 — Kraken Exchange (@krakenfx) November 21, 2023
 </blockquote>
 
 <h2 id="kraken-says-sec-is-attempting-a-jurisdictional-grab">Kraken Says SEC Is Attempting A ”Jurisdictional Grab”</h2>
 Such a theory has no limiting principle and would turn assets or commodities like sports memorabilia, trading cards, expensive watches, or even diamonds, into securities, it said.
 “It would grant to the SEC boundless authority over commerce and potentially open up the floodgates to private securities law claims,” it said. “Allowing this case to continue sets a dangerous precedent for agency overreach.”
 The SEC is attempting a ”jurisdictional grab” over the trillion-dollar crypto industry, Kraken said, adding the lawsuit should also be dismissed under the so-called major questions doctrine, which says that Congress does not delegate to executive agencies such as the SEC the right to rule on issues of major political or economic significance.
 “This doctrine is designed to prevent agencies from “discovering” broad regulatory power without a clear delegation from Congress – which is exactly what the SEC is doing here,” it said. “The SEC should not be permitted to expand its own jurisdiction; that is Congress’ decision.”
 <h2 id="span-style-font-weight-400-related-articles-span">Related Articles:</h2>
 <ul>
 <li style="font-weight: 400;" aria-level="1">Best Altcoins to Invest In: Unveiling Top Picks for Maximum Returns!</li>
 <li style="font-weight: 400;" aria-level="1">Montenegro To Extradite Terraform Labs Co-Founder Do Kwon To US, Local Media Report</li>
 <li style="font-weight: 400;" aria-level="1">Magic Eden Sets To Extend Its Diamond Reward Program To ETH NFT Holders In March</li>
 </ul>
 Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/kraken-files-to-dismiss-sec-case-citing-dangerous-precedent-for-regulatory-overreach-tbt80637.html">https://thebittimes.com/kraken-files-to-dismiss-sec-case-citing-dangerous-precedent-for-regulatory-overreach-tbt80637.html</a>
</div>

Kraken Files To Dismiss SEC Case, Citing ”Dangerous Precedent” For Regulatory Overreach

目錄

TheBitTimes

在 2024年2月23日發表的其他文章

Jack Dorsey’s Block Q4 Bitcoin Sales Up 37% YoY

Bitcoin Price Prediction: As Reddit IPO Filing Reveals BTC And ETH Investments, Experts Say This ...

Meet the DeFi 2.0 player drawing investors away from Polygon in 2024, price up by 400%

Chiliz (CHZ) Hits Milestone Price as Crypto Market Takes New Turn

Deadline looms for 3AC creditors

Whale Transactions Stir XRP Market Activity

訂閱免費電子報，每天收取加密貨幣最新動態！