SEC Identifies 16 Crypto Tokens as Securities in Kraken Lawsuit

The U.S. Securities and Exchange Commission (SEC) has identified 16 crypto tokens arsenic securities successful its suit against cryptocurrency speech Kraken. Some of the alleged crypto securities were the aforesaid arsenic those highlighted successful the SEC’s lawsuits against Coinbase and Binance. Kraken’s CEO stressed: “We powerfully disagree with the SEC claims, basal steadfast successful our presumption that we bash not database securities, and program to vigorously support our position.”

SEC Labels 16 Crypto Tokens arsenic Securities

In its lawsuit against crypto speech Kraken filed connected Monday, the U.S. Securities and Exchange Commission (SEC) named 16 crypto tokens arsenic securities. The regulator’s ailment states:

Kraken presently makes disposable for trading crypto assets that person been the taxable of anterior SEC enforcement actions based upon their presumption arsenic crypto plus securities, including crypto assets trading nether the symbols ADA, AXS, ALGO, ATOM, CHZ, COTI, DASH, FIL, FLOW, ICP, MANA, MATIC, NEAR, OMG, SAND, and SOL.

The regulator pointed retired that immoderate of the aforementioned crypto assets had been named successful respective erstwhile ineligible cases, including those involving Coinbase, Binance, and Bittrex. SEC Chairman Gary Gensler has repeatedly said that helium views all crypto tokens, but bitcoin, arsenic securities. However, a caller tribunal ruling recovered that XRP is “not needfully a information connected its face.”

In its suit against Coinbase successful June, the SEC stated that crypto assets similar ICP, AXS, CHZ, FLOW, DASH, VGX, FIL, NEXO, NEAR, ADA, SAND, SOL, and MATIC conscionable the criteria of being concern contracts. In the aforesaid month, the securities regulator identified successful a suit against Binance that 12 crypto tokens are securities: BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI. In April, the SEC said DASH, ALGO, TKN, NGC, and OMG are unregistered securities successful a suit against Bittrex.

Responding to the SEC’s charges connected Monday, Kraken CEO Dave Ripley emphasized connected societal media level X: “We powerfully disagree with the SEC claims, basal steadfast successful our presumption that we bash not database securities, and program to vigorously support our position.” Like Kraken, Coinbase has insisted that its platforms do not database crypto securities. In July, Coinbase’s main ineligible officer, Paul Grewal, asserted that the SEC’s mentation of “investment contract” violates the law.

After the SEC’s determination against Kraken, U.S. Senator Cynthia Lummis (R-WY) called on Congress to “pass a regulatory model to supply wide rules to the SEC connected what is simply a information and what is simply a commodity.” She stressed connected X: “The SEC cannot proceed ruling by enforcement. Crypto plus companies person repeatedly tried to get guidance from the SEC lone to beryllium deed with enforcement actions, causing unnecessary harm to consumers.”

What bash you deliberation astir the SEC stating that 16 crypto assets are securities successful the Kraken lawsuit? Let america cognize successful the comments conception below.