Google Halts UK YouTube TV Measurement Service After Legal Action 
SoftBank Shares Surge as It Eyes Up to $30 Billion New Investment in OpenAI 
Robinhood Announces Plans to Expand Stock-Exchange Application to U.K. 
US Judge Rejects $2.36B Penalty Bid Against Google in Privacy Data Case 
Crypto Markets Surge: Bitcoin, Ethereum, and Solana Lead Gains Amid Economic Optimism 
Apple Forecasts Strong Revenue Growth as iPhone Demand Surges in China and India 
Amazon Stock Dips as Reports Link Company to Potential $50B OpenAI Investment 
South Korea to End Short-Selling Ban as Financial Market Uncertainty Persists 
Indian Banks Disburse Employee Benefits Through Digital Rupee, Boosting RBI's Target Transactions 
Standard Chartered Joins China's Digital Yuan Trials, Eyes Cross-Border Payments 
Pentagon and Anthropic Clash Over AI Safeguards in National Security Use 
Apple Earnings Beat Expectations as iPhone Sales Surge to Four-Year High 
Rewardy Wallet and 1inch Collaborate to Simplify Multi-Chain DeFi Swaps with Native Token Gas Payments 
JPMorgan, Citibank Korea Face FTC Penalties Over Collusion; Supreme Court Upholds Ruling 
Crypto Investment Platforms eToro and M2 Granted Approvals to Operate in the UAE 
Visa Expands Digital Wallet Capabilities with Visa Commercial Pay 
Jesse Powell, co-founder of the cryptocurrency exchange Kraken, has publicly criticized the United States Securities and Exchange Commission (SEC) following a lawsuit against his company. The SEC has accused Kraken of several violations related to securities laws.
SEC Sues Kraken for Alleged Violations
The SEC's lawsuit, filed on November 20, alleges that Kraken did not comply with securities regulations. Specifically, the commission claims that Kraken failed to register its crypto asset staking-as-a-service program and did not follow proper procedures for separating customer and corporate funds.
Powell's Reaction to the SEC's Move
In response to the lawsuit, Powell expressed his frustration with X (previously known as Twitter). He used the term "top decel," common in tech circles to denote a hindrance to progress, to describe the SEC. Powell expressed his belief that the SEC's actions were excessive, especially after Kraken had previously agreed to a $30 million settlement in February for similar issues. He advised other crypto companies to steer clear of the United States to avoid costly legal confrontations.
Kraken's Defense and Response
A spokesperson for Kraken refuted the SEC's claims, particularly the allegation of listing unregistered securities. They described the lawsuit as disappointing and stated that Kraken is prepared to defend its actions in court. In a blog post dated November 20, Kraken addressed the SEC's accusation of commingling funds. The company argued that the regulator's claim was baseless, emphasizing that it only involved the use of fees that Kraken had rightfully earned and that no user funds were reported as missing.
Impact on the Crypto Industry
This legal battle between Kraken and the SEC underscores the ongoing tension between cryptocurrency platforms and regulatory bodies in the United States. The outcome of this case could have significant implications for how crypto exchanges operate and are regulated in the future.
