U.S Senator Slams SEC Over Kraken Scrutiny | Bitcoinist.com
US Senator Cynthia Lummis has recently criticized the United States Securities and Exchange Commission (SEC)'s regulatory approach over Kraken, the San...
- The United States Securities and Exchange Commission (SEC) has filed a lawsuit against Kraken, a San Francisco-based cryptocurrency exchange, for allegedly operating an unregistered trading platform.
- The SEC claims that Kraken mixed $33 billion in client assets with its own, endangering users.
- Kraken intends to fight the SEC's claims in court.
- US Senator Cynthia Lummis has criticized the SEC's regulatory approach towards Kraken, stating that the SEC came after the exchange without clear cryptocurrency rules.
- Lummis has called on Congress to produce precise rules for the SEC on what is a security asset and what is a commodity asset.
- The dispute between the SEC and Kraken highlights the need for organized crypto legislation.
The sentiment in the article is negative towards the SEC's regulatory approach and highlights the need for clear rules and regulations in the cryptocurrency industry.