The US Securities and Exchange Commission (SEC) has accused Kraken, a San Francisco-based crypto exchange, of operating its trading platform as an unregistered securities exchange, broker, dealer, and clearing agency. The SEC alleges that Kraken has made hundreds of millions of dollars "unlawfully facilitating the buying and selling of crypto asset securities." Wyoming Senator Cynthia Lummis, a noted crypto supporter, criticized the SEC's action, calling it an example of "ruling by enforcement." Lummis has previously called for a federal digital asset regulation bill to pass in the US early next year.