The SEC is going after another one of Kraken’s tentacles, they’re now alleging Kraken has been hosting an unlicensed crypto rodeo since 2018. 🙄
Oh, and they’re alleging a delightful mix of sloppy record-keeping and customer funds.
This isn’t Kraken’s first dance with the SEC. Earlier this year, they handed over $30 million and kissed their US staking program goodbye to settle a similar scuffle. But the SEC, like a clingy ex, just can’t seem to let go, coming back with new allegations that Kraken’s been playing fast and loose with the rules.
Jesse Powell, Kraken’s co-founder, can’t believe the SEC’s back for another round. He’s calling this a high-stakes game, costing the firm a fortune in legal battles. Powell’s advice to smaller crypto players? Get out of Dodge (or in this case, the US).
USA's top decel is back with another assault on America. The masochists haven't been happy with the beatings they've been taking in NY and are shopping for a different flavor of RegDom in CA. I thought we settled all their concerns for $30m in Feb. Now they're back for seconds? https://t.co/SkfPJyneUz
— Jesse Powell (@jespow) November 21, 2023
In short, the SEC’s trying to bleed Kraken to death. Maybe they should watch My Octopus Teacher on Netflix. Then they’d realize how mean they are. 🐙