'Get out of US warzone,' Kraken founder warns crypto firms after SEC action
The Securities and Exchange Commission (SEC) has been labeled America’s “top decel” by the CEO of its latest target: crypto exchange Kraken. “Today, the SEC filed a complaint alleging that Kraken operates as an unregistered national securities exchange, broker, and clearing house,” the firm announced via X on Monday night. “We disagree with their claims and plan to vigorously defend our position.” According to the SEC, Kraken has made “hundreds of millions of dollars” by unlawfully selling crypto tokens the commission deems as securities. By doing so, it failed to provide “significant protections” to investors. These protections were further eroded by Kraken ’s “deficient” business practices — poor internal controls and recordkeeping left users exposed to “a range of risks,” the SEC believes. Former Kraken chief gets personal in SEC dispute In response to the SEC’s complai...