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Kraken CLO: Plans to defend and respond to SEC lawsuit in court

Marco Santori, Kraken's Chief Legal Officer (CLO), confirmed in an interview with CNBC that Kraken is facing charges from the U.S. Securities and Exchange Commission (SEC) and plans to defend and respond to the lawsuit in court. Santori stated that the SEC claims Kraken is a clearing trading platform and investment contract broker. These things do not exist, there is no such thing, and this is completely hollow and fabricated by the agency, so we do not agree.

Santori also claimed that the SEC's actions are bad policy and pointed out that other countries are developing legislative regulatory frameworks "suitable for cryptocurrency companies." But he admitted that while the United States has not yet done so, members of Congress are working to achieve this goal.

He emphasized that Kraken does not intend to evade regulation, but rather is requesting the establishment of a "meaningful legal framework for the cryptocurrency ecosystem."

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