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Chamber of Digital Commerce Supports Kraken in Legal Battle with SEC
In a significant development in the U.S. cryptocurrency regulatory landscape, the Chamber of Digital Commerce has expressed its support for Kraken amidst the exchange’s ongoing legal dispute with the SEC.
Chamber of Digital Commerce’s Backing
The Chamber of Digital Commerce recently filed an amicus curiae brief on February 27, stating that the SEC’s allegations against Kraken pose a threat to the growth and success of the blockchain community and crypto market participants.
SEC Lawsuit Against Kraken
The SEC’s lawsuit, filed in November 2023, accuses Kraken of unlawfully facilitating the trading of crypto asset securities, amounting to hundreds of millions of dollars since September 2018.
Concerns Over Regulatory Approach
The Chamber of Digital Commerce criticized the SEC’s regulatory tactics, warning that such actions could drive organizations away from blockchain technology or force them to relocate outside the U.S. to avoid regulatory burdens.
Response from Kraken
Kraken has vehemently denied the SEC’s claims and is determined to defend its position. CEO Jesse Powell and Dave Ripley have both expressed their disagreement with the allegations and their commitment to challenging the lawsuit.
Chamber of Digital Commerce’s Mission
As a leading blockchain and digital asset trade association, the Chamber of Digital Commerce aims to promote global cryptocurrency adoption and currently represents over 200 industry players worldwide.
Representatives from Kraken have not yet provided a response to the latest developments.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
