The U.S. Securities and Exchange Commission (SEC) has recently filed a lawsuit against Kraken, in which it has classified ADA and SOL, among other cryptocurrencies, as securities. This marks another legal action by the SEC, as in their latest lawsuit, they have identified Cardano (ADA) and Solana (SOL) as securities.
Kraken’s Firm Stance Against SEC Claims
In response to the legal action taken by the SEC, alleging unregistered security trading activities, Kraken’s CEO, Dave Ripley, emphasized his strong disagreement with the SEC’s claims, affirming that Kraken does not list securities.
SEC’s Call for Regulatory Clarity
The SEC has urged Congress to take action to address regulatory ambiguity and has pledged ongoing support for Kraken’s efforts to bring clarity to the U.S. cryptocurrency environment. Despite the legal proceedings, Kraken reassures its commitment to its mission and clients in the U.S. and worldwide, with no impact on its current services.
ADA, SOL, and Other Cryptocurrencies Under SEC Scrutiny
Following similar actions against other major exchanges, the lawsuit filed by the SEC against Kraken is part of a broader trend to recognize various cryptocurrencies as securities. Earlier this year, the SEC filed lawsuits against Binance and Coinbase, alleging that prominent tokens like ADA, SOL, and Polygon (MATIC) are unregistered securities.
No Specific Enforcement Action Targeting ADA
There has been no specific enforcement action targeting ADA, despite rumors of increased SEC scrutiny. Input Output Global (IOG), the development company behind the blockchain, and the Solana Foundation have both refuted the regulatory claims that ADA and SOL are securities.
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