🌐 Kraken's Chief Legal Officer celebrates victory despite dual accusations from the US and Australia! 🚀
Kraken, a cryptocurrency exchange, has recently faced some legal challenges in both the US and Australia. Although the court decided not to dismiss the allegations that Kraken operates an unregistered securities exchange, Kraken's Chief Legal Officer Marco Santori believes that the court did not define any tokens traded on Kraken as securities, so they still feel that they have won a round.
🇺🇸 Legal proceedings in the United States:
Kraken's Chief Legal Officer Marco Santori just announced on Twitter that they have won a "major victory" in their lawsuit against the SEC. Although the court did not completely buy it, Santori believes that the fact that the court did not define any tokens on Kraken as securities is good news in itself. He emphasized that some of the SEC's allegations were considered "unclear" by the court, which is a big victory!
The SEC's allegations are still ongoing, and Kraken needs to prove that their transactions meet the Howey test standards. Santori added that this could expose the entire industry to an expensive investigation. However, he confidently stated: "Kraken will win!" He also called on Congress to introduce a comprehensive market structure framework to protect consumers and promote the development of blockchain technology.
🇦🇺 Legal proceedings in Australia:
Meanwhile, in Australia, Kraken's operator Bit Trade suffered a setback. Judge Nicholas supported ASIC's lawsuit and ruled that Bit Trade violated local laws and did not comply with the provisions of the Corporations Act.
Sarah Court, deputy chair of ASIC, said that this ruling is a strong reminder to the cryptocurrency industry and emphasizes the importance of complying with design and distribution obligations. She also promised that ASIC will continue to ensure that consumers are protected by law when trading crypto assets.
Although Kraken faces challenges on both battlefields, they seem confident in their position and prospects of winning. At the same time, community referees said that this is not only a battle for Kraken, but also a test for the entire cryptocurrency industry.
Let's wait and see how this legal battle will develop and what impact it will have on the future of cryptocurrency exchanges?
