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SEC CHIPS AWAY AT KRAKEN'S DEFENSES Judge Orrick just dismissed Kraken’s “major questions” argument—reinforcing the SEC’s authority over crypto. Key takeaway: crypto isn’t yet considered systemically important like energy markets or student debt—that’s the bar for this defense.… https://t.co/sXRouPpofL
KRAKEN FUMBLES MAJOR DEFENSE VS SEC Judge just said nah to Kraken’s “major questions” play. SEC claims the exchange is running unregistered securities; Kraken tried to argue Congress never gave the SEC crypto oversight—didn’t work. But SEC still has to prove Kraken knew it was… https://t.co/rp2byYV9yS
🚨LATEST: The SEC has partially won its bid to throw out Kraken’s defenses, with a California federal judge nixing the exchange’s argument that Congress hadn’t given the regulator power over crypto. https://t.co/BfXiCoa0LO
The U.S. Securities and Exchange Commission (SEC) has achieved a partial victory in its litigation against the cryptocurrency exchange Kraken. A federal judge in California dismissed Kraken's defense based on the 'major questions' doctrine, which argued that Congress had not granted the SEC authority over cryptocurrency. This ruling reinforces the SEC's regulatory power in the crypto space, as the agency claims that Kraken has been operating unregistered securities. However, the SEC still must demonstrate that Kraken was aware of its regulatory obligations. The outcome is viewed as a significant development in the ongoing legal battles surrounding cryptocurrency regulation.
