Summary
The SEC is not accusing Kraken of fraud or causing harm to consumers. Their claims are that Kraken has been operating as an unregistered securities exchange, broker-dealer, and clearing agency for almost a decade in violation of the Exchange Act.
Key Points
1. The SEC does not allege fraud.
2. The SEC does not allege consumer harm.
3. The SEC’s sole claims are that Kraken has somehow operated in plain sight for almost a decade as an unregistered securities exchange, broker-dealer, and clearing agency, in violation of the Exchange Act.