News

After the Kraken Lawsuit, Senator Cynthia Lummis Attacks the SEC, Claiming That Enforcement Alone Cannot be Used to Rule

single-image

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.

Advertisement

This week, the SEC accused Kraken of running its cryptocurrency trading platform as a clearing agency, broker, dealer, and unregistered securities exchange.

CryptoCaster Quick Check:

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.

Stay in the know on crypto by frequently visiting Crypto News Today

“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.”

Advertisement

“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.

Advertisement
Follow GappyCoin PreSale on Twitter, and ReCap for information and more.

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.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


W

e hope you enjoyed this article. Before you move on, we invite you to consider supporting CryptoCaster’s journalism.

Billionaire owners like Elon Musk, Larry Fink (BlackRock), and Jamie Dimon (JP Morgan Chase) often have a strong influence on the hidden agendas surrounding the paradigm shift brought about by cryptocurrency and emerging Web3 technologies. CryptoCaster stands apart. We have no billionaire owner or shareholders to please. Our journalism is dedicated to serving the public interest in crypto development and institutional disruptions, not profit motives.

We avoid the pitfall of much U.S. and global media, which often resorts to false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency guide everything we do, we recognize that there is a right and wrong stance in the fight against fiat global banking interests and the monetary reconstruction driven by the emerging crypto ecology.

When we report on issues like the FTX, Binance, and Ripple crises, we’re not afraid to name names and uncover the truth. As a crypto sentinel, we offer a fresh, outsider perspective on global monetary disruption—something often missing from the insular American and European media bubble.

CryptoCaster’s paywall-free journalism is accessible worldwide thanks to our unique reader-supported model. This is made possible by readers like you. Your support keeps us independent, free from outside influence, and accessible to everyone, regardless of their ability to pay for news and information.

We are grateful for the ongoing monetary support from our readers. If you haven’t yet considered supporting CryptoCaster, please consider contributing just once from $1 or more in Bitcoin (satoshi) or Ether, or even better, support us monthly with a bit more. Scroll further down this page to find CryptoCaster’s wallet addresses.

Thank you.

Kristin Steinbeck
Editor, CryptoCaster


Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.


Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt


CRYPTOCASTER HEATMAP


You may also like