It seems that the drama between the crypto community and the SEC continues gaining momentum with more crypto companies chiming in with their hot takes about whether they should just give up and accept any ruling from the SEC. The latest news on this front is that Kraken is not interested in registering with the SEC and admitting that it is a security.
Kraken is taking its fate into its own hands
Recently, we heard a couple of news stories about how the crypto industry increases its political lobbying by outspending oil and gas as well as other huge industries to push federal politicians in a direction more favorable for digital assets. Together with FTX, Kraken created a special lobbying organization that will focus on the next electoral cycle in the US.
At the same time, the Chamber of Digital Commerce (CDC) took a very interesting stance and started accusing the SEC of misconduct and an improper approach to the issue of cryptocurrencies arguing that the US should embrace digital assets and provide more freedoms alongside reasonable regulations aimed at protecting investors. Whether making some crypto tokens into securities results in a net positive outcome is something that the SEC should not be worrying about, at least right now.
The ongoing case between the SEC and Ripple is looking better with each passing day. Since 2020, the agency is trying to prove that XRP is a security and thus holds the same type of responsibility, but Ripple has been fighting against the ruling and, everything points to this, seems to be winning which is a piece of great news because the SEC won’t be able to go after Ethereum and Bitcoin.
The next target is already fighting
Kraken is supposed to be the next target of the agency since this crypto exchange does not want to comply with regulations that are aimed at traditional stock exchanges. Instead, Kraken wants to completely ignore the SEC and won’t be registering with it in the nearest future. It means that the company will stand its ground and will go to court if necessary.
