The real story of the SEC’s suit against Kraken, and why Kraken is moving to dismiss the case

On the morning of May 10, 2023, Kraken testified about the SEC’s overreach in crypto before both the House Financial Services Committee and the House Agriculture Committee.

Kraken testified that current laws do not adequately cover the digital asset industry, and that Congress could do more to put in place a set of rules to better protect consumers and investors.

Kraken testified that in any new set of crypto exchange rules, Congress should limit the SEC’s jurisdiction in favor of other agencies. The next day, the SEC called Kraken to say it was going to sue.

Crypto innovators in the United States should not have to fear retaliation for their political speech. They should be free to earnestly advocate for better law and more efficient markets. They should be free from intimidation by a poli ..

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