30s Summary

A California judge has backed the SEC’s case against Kraken, the US’s second-largest crypto exchange, for allegedly operating as an unregistered securities exchange. Kraken’s appeal against a previous ruling was rejected, with the judge suggesting it would slow proceedings. The SEC contends that some cryptocurrencies sold on Kraken could be classified as securities, a claim denied by Kraken. The case could result in significant fines and restrictions for the platform.

Full Article

A judge in California has ruled against Kraken, the U.S.’s second-largest crypto exchange, in backing the SEC’s ongoing case against the company. Kraken had tried to appeal a previous ruling, but the judge said it would only slow things down. Basically, the SEC thinks that some of the crypto sold on Kraken might be securities, things like stocks and bonds that are regulated really closely. Kraken denied this and wanted to appeal, but the judge said there’s enough juice for the case to continue as is. Kraken’s in hot water with the SEC for supposedly working as an unregistered securities exchange. They’re saying they didn’t do anything wrong and tried to make the case go away, but was told no go. As it stands, the crypto platform is facing a ton of potential fines and restrictions.