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Join the Securities Litigation and Enforcement Group on LinkedInKraken Settles SEC Charge That Its SAAS Model Was an Illegal Securities Offering | Foley & Lardner LLP
In addition to recent settlements involving crypto asset lenders, the Kraken settlement is an example of the SEC pursuing enforcement actions against “centralized crypto companies” and claiming that existing securities laws apply to crypto-related financial products. Following the Kraken settlement, SEC Chair Gary Gensler gave an interview on CNBC in which he asserted that the […]
After Kraken Crackdown, Are the Remaining Crypto Giants Staring Down the Barrel of the US Government’s Gun?
“The SEC has never said what a compliant crypto exchange would look like under a securities regulatory regime,” said TuongVy Le, who handles regulatory strategy at Bain Capital Crypto. “There’s just a lack of clarity there.” Patrick Daugherty, a lawyer who once worked at the SEC but now represents crypto companies and exchanges, put it […]
SEC’s Gensler Warns Crypto Firms to Take Note of Kraken Case Over Staking – Bloomberg
The fallout from Kraken’s settlement with the SEC has quickly rippled across the industry with shares from Coinbase Global Inc., which also offers staking, tumbling on the news. Kraken agreed to pay $30 million to settle the allegations and to discontinue staking in the US. “Other platforms should take note of this and seek to […]
SEC Intensifies Crypto Enforcement With Exchange Settlement – WSJ
The first case of its type, the settlement advances SEC Chair Gary Gensler’s effort to rein in what he characterizes as widespread noncompliance with U.S. securities laws by crypto platforms. Since taking office in 2021, Mr. Gensler has argued that crypto exchanges have broken the law by allowing investors to buy and sell assets that […]
Kraken to Discontinue Unregistered Offer and Sale of Crypto Asset Staking-As-A-Service Program and Pay $30 Million to Settle SEC Charges
The Securities and Exchange Commission today charged Payward Ventures, Inc. and Payward Trading Ltd., both commonly known as Kraken, with failing to register the offer and sale of their crypto asset staking-as-a-service program, whereby investors transfer crypto assets to Kraken for staking in exchange for advertised annual investment returns of as much as 21 percent. […]
Crypto Exchange Kraken Faces SEC Probe Over Unregistered Securities – Bloomberg
Kraken, one of the world’s largest cryptocurrency exchanges, is embroiled in a probe by a top US financial regulator over whether it broke securities rules related to certain offerings to American clients, according to a person with knowledge of the matter. The Securities and Exchange Commission probe into whether Kraken offered unregistered securities is at […]
Crypto exchange Kraken has no U.S. SEC registration plans, says incoming CEO | Reuters
Ripley will take the helm of Kraken not only at a time when the crypto market is facing a major rout, with bitcoin down nearly 60% this year, but also as the fast-growing industry has been at odds with regulators like the SEC. Despite reports that the SEC is scrutinizing Coinbase for listing several tokens […]