Senator Cynthia Lummis of Wyoming is not pleased with the U.S. Securities and Exchange Commission (SEC) for charging the cryptocurrency exchange Kraken with more offenses.
This week, the SEC accused Kraken of running its cryptocurrency trading platform as a clearing agency, broker, dealer, and unregistered securities exchange.
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The San Francisco-based exchange is accused by the SEC of “illegally facilitating the buying and selling of crypto asset securities” for hundreds of millions of dollars.
In a news statement, SEC Division of Enforcement Director Gurbir S. Grewal states that Kraken prioritized profits before investor protection.
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“Instead of abiding by the securities rules, we claim that Kraken made a business decision to profit hundreds of millions of dollars from investors. Due to that choice, there were numerous conflicts of interest in the business strategy, endangering the money of investors.
But according to Lummis (R-Wyoming), the SEC’s move is just another instance of “ruling by enforcement.”
“Crypto asset companies have brought undue harm to customers by continually attempting to receive direction from the SEC only to be met with enforcement actions. It is time for Congress to enact a regulatory framework that will give the SEC precise guidelines on what constitutes a commodity and what constitutes a security. The SEC will be restrained by the Lummis-Gillibrand Responsible Financial Innovation Act, enabling financial innovation to flourish in the US.
Renowned cryptocurrency advocate Lummis has stated in the past that she hopes the US would approve a government bill governing digital assets early in 2019.
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In response to various SEC complaints, Kraken agreed to halt its staking services earlier this year and pay a $30 million civil penalty.
According to Jesse Powell, co-founder of Kraken, the regulator is now “back for seconds.”
The message is very clear: you can buy yourself around ten months with $30 million before the SEC tries to blackmail you once more. Attorneys can accomplish a lot with $30 million, but the SEC is aware that a serious legal battle will probably cost over $100 million and take up significant time. Move your cryptocurrency business out of the US combat zone if you can’t afford to.
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