Cryptocurrency exchange Kraken is facing another lawsuit from the US Securities and Exchange Commission (SEC). Notably, the SEC's latest lawsuit has categorized Cardano (ADA) and Solana (SOL), among other cryptocurrencies, as securities.
Kraken's firm stance on SEC claims In response to an SEC lawsuit alleging unregistered securities exchange operations, Kraken CEO Dave Ripley took X to emphasize the company's position. Ripley strongly disagreed with the SEC's claims, emphasizing that Kraken does not list securities.
The CEO outlined that the lack of a clear registration path with the SEC and factual inaccuracies in the allegations highlight broader problems in policymaking in the United States.
He called for Congressional action to resolve the regulatory ambiguity and pledged Kraken's continued support towards efforts to bring clarity to the US crypto environment.
Related ADA, SOL and other coins under SEC scrutiny Following similar actions against other major exchanges, the SEC's lawsuit against Kraken is part of a broader trend of recognizing various cryptocurrencies as securities.
Earlier this year, the SEC filed lawsuits against Binance and Coinbase, alleging that tokens such as ADA, SOL, and Polygon (MATIC) were unregistered securities.
Cardano founder Charles Hoskinson has clarified that there have been no enforcement actions specifically targeting ADA, amid rumors of increased SEC scrutiny. Both Input Output Global (IOG), the development company behind the Cardano blockchain, and the Solana Foundation have rejected regulators' claims that ADA and SOL are securities.
