We strongly disagree with the SEC claims, stand firm in our view that we do not list securities, and plan to vigorously defend our position.
As we have seen before, the SEC argues that
@krakenfx
should “come in and register” with the agency, when there is no clear path to
1/
@krakenfx
has successfully distributed
#Bitcoin
and Bitcoin Cash from the
@mtgox
estate back to creditors.
It’s been nearly a decade since Kraken was selected by the Trustee to facilitate the investigation and return of client funds. It was our privilege and it was our duty.
(10/10) The U.S. risks losing its standing as a world leader in innovation if it continues allowing its regulatory agencies to assert statutory authority without explicit permission from Congress.
Read more:
(5/10) Crypto innovators in the United States should not have to fear retaliation for their political speech. They should be free to earnestly advocate for better law and more efficient markets.
(6/10) Today, Kraken is moving to dismiss the complaint. It was timed to intimidate those who would question the SEC’s jurisdiction, and it fails to allege any securities were traded on Kraken, illegally or otherwise.
(3/10) Kraken testified that this strategy from the SEC would not protect consumers, that Congress should create new rules for crypto, and, critically, that Congress should limit the SEC’s jurisdiction in favor of other agencies.
(8/10) The court should not endorse this theory because it has no limiting principle. It would give the SEC boundless authority over commerce - from collectibles, such as sports memorabilia, trading cards, expensive watches, to commodities like diamonds.
(2/10) On May 10, before both the House Financial Services Committee and the House Agriculture Committee, Kraken testified about the SEC’s overreach in crypto and its flawed regulation-by-enforcement approach to policy making.
(7/10) Instead of identifying securities, the complaint asks the court to endorse a theory that there can be an investment contract without any contract, without any post-sale obligations or even any interaction at all between the issuer and the purchaser.
(9/10) U.S. crypto exchanges should not have to operate amid an onslaught of regulatory enforcement actions, while jurisdictions around the world continue advancing constructive regulatory rulemaking.
BOOM. Kraken is one of the Top 100 places to work in America 👏
The best and brightest in finance and tech are coming to crypto.
Work on the future, not the past:
The SEC now attacking
@Uniswap
, just weeks after a judge dismissed the SEC for litigating against an onchain non-custodial wallet. This targeting of an onchain network will see a similar fate.
“a gross abuse of power” > not my words, but those of a judge describing the SEC’s
will give some credit to this line from
@RoKhanna
"Being against
#Bitcoin
is like being against cell phones or the laptop, or semi conductors, it's technology."
Today marks the 12th anniversary since
@krakenfx
launch 🎉
Grateful to be working with so many smart and passionate people who want to create a better, fairer financial system.
Our mission is as important as ever 👊
Another day, another big event for crypto
Hong Kong’s
#Bitcoin
and
#Ethereum
ETFs are now live, with all 6 using reference rates from
@CFBenchmarks
, a
@krakenfx
company
$40 billion worth of assets now referenced to
@CFBenchmarks
indices
we’re just getting started
The first Bitcoin ETF application was submitted in 2013 when the price of Bitcoin was sub $100. After a snappy 10 years of bureaucracy and 500x, the approvals are upon us.
We've seen massive innovation and infrastructure development in crypto over that time period (i.e. what
Today marks 13 years since the launch of Kraken.
A lot of people ask how we've endured when so many crypto companies have failed. the answer: dedication to the mission.
Kraken is home to true believers. Grateful to be working with pioneers changing
Another SEC flip flop sees the light of day.
Great to see Chairman McHenry and the committee's efforts to hold the agency accountable.
The crypto industry wants fair rules instead of malicious enforcement from a rogue regulator that hides from congressional oversight. The US
#FIT21
passed! exceeding even the more optimistic expectations for number of votes.
thank you to so many across the industry that contributed to this outcome.
My first
#F1
race 💜
Congrats to these crypto teams and communities featured on the rear wing of the
@WilliamsRacing
cars
The world was watching, and it saw that NFTs are here to stay 🚀
3/ In a few days, Kraken will celebrate our 13th anniversary. These events remind us of our mission, our great responsibility to our clients, and pioneers, like
@jespow
, who have been instrumental in shaping the industry for what it is today.
2/ While frivolous lawsuits got in the way of earlier payments, we are extremely grateful to the Trustee for keeping the coins safe and
#HODLing
the vast majority of
#BTC
all this time. The preservation of value is exemplary and is surely appreciated by all creditors.
Today marks the 15th anniversary of the
#Bitcoin
white paper and the spark that lit the crypto revolution
Truly one of the most important documents in history, and proud
@krakenfx
is working to unlock its benefits for billions
Thank you Satoshi 🙏
Great to see the mainstream recognizing that savvy US states are doubling down on crypto. 👏
I'm proud of the work
@krakenfx
continues to do in Wyoming. It will serve as the standard for years to come.
Innovation will not be stopped.
Another big milestone for the Kraken team!
Approved EMI by Central Bank of Ireland 🇮🇪
Approved VASP by Bank of Spain 🇪🇸
Proud of the many Krakenites who made this happen.
Great news! The Central Bank of Ireland has granted Kraken an EU e-money license. We have also secured a VASP registration with the Bank of Spain.
🇪🇺 This highlights our ongoing commitment to growing our European business.
Learn more 👇
@jespow
@krakenfx
@jespow
honored to carry on the Kraken mission as CEO. Looking forward to achieving complete global crypto adoption in this next chapter.
“Chase stops transfers associated with purchasing Bitcoin.”
Someone seems to have an issue with better, faster, more secure payment rails.
Start the clock now. This will be reversed at some point in the future or it will mark the start of Chase’s looong fall into irrelevance.
Another step toward victory for Kraken and crypto
> the Court found the SEC’s self-serving invention of the “crypto asset security” concept to be “unclear at best and confusing at worst.”
Today, the Federal Court for the Northern District of California ruled, as matter of law, that none of the tokens trading on Kraken are securities.
This is a significant win for Kraken, for the principle of clarity and for crypto users everywhere. It also confirms Kraken’s
Great day for the US. SAB 121 does nothing to protect individuals.
good ol' checks and balances surfacing to impede those with authoritarian ambitions.
1/ Today, the Senate voted, in overwhelmingly bipartisan fashion, to
#repealSAB121
, an anti-innovation accounting bulletin which was improperly issued by the SEC in 2022.
🚨 BIG news from Canada
Interac transfers now available across
@krakenfx
mobile and web platforms (used by 90% of all Canadians)
To celebrate, we're slashing CAD fees and adding new crypto pairs
We committed to Canada, now we're following through
Here come the NFT obituaries 🤦
The Bitcoin obituary list started its illustrious run way back in 2010, a bit before I even learned about Bitcoin.
Plenty more NFT adoption to come, right alongside many more obituaries. Always bet on the builders! ✊
Great win for
@krakenfx
and the Netherlands market!
Looking forward to welcoming new clients that want to find financial freedom on the best
#crypto
platform available.
1/2 A key economic issue was missed in tonight’s US presidential debate: crypto. A record amount of attention has been focused on the issue already this election year, and it will not quiet down.
Love to see
#Bitcoin
and crypto thriving where they're needed most
New report finds Nigeria, Uganda are seeing transaction surges over 10% amid inflation
Don't believe the doubters. Every day the crypto economy is getting stronger and more inclusive ✊
Helpful to take note of the power of central bankers (not just Fed, but BOJ, etc.) to impact individuals' savings/wealth.
Would be nice to have an independent system where a few people in a conference room, pushing buttons, do not have such control.
#Bitcoin
Over the long run,
The data is becoming clear: Crypto could be a defining story of the 2024 election
A big opportunity for a candidate who can speak to a new generation’s values with clarity and vision
big day today...
Bitcoin Pizza Day🍕 a reminder of how far we have come and that we all stand on the shoulders of giants. also, a good day for some chicago style deep dish.
and...
First a growing number of people, then companies and organizations, and now even governments across the United States of America are calling out the SEC for their overreach and negative impact on American citizens.
more here:
Last week: You read
@krakenfx
's motion to dismiss the SEC’s case against crypto.
Today: You’re reading about “a regulatory power grab,” how “the SEC has appointed itself crypto regulator“, and that ”the SEC… puts consumers at risk”
But wait. That’s not Kraken talking.
@krakenfx
holds our clients' privacy and security in the highest regard
you don't have to look far to find someone attempting to violate privacy and personal freedoms
It's nice to get a W on behalf of our clients when these privacy violators encroach
Proud to announce that Kraken has been named to
@Newsweek
’s Top 100 Most Loved Global Workplaces for the second year in a row!
Discover what makes our remote-first culture and amazing Krakenites so special.
Read more:
#mostlovedworkplace
I heard something about tradfi brokerages being down this morning after going from the weekend close to market open.
#DEX
/
#DeFi
: "what is a 'weekend close'?"
...still running strong
well said
@BlockchainAssn
@fund_defi
"The theory on which the SEC is basing this case does not hold up to legal scrutiny and is yet another example of the SEC’s regulation by enforcement strategy, stifling innovation and creating even more regulatory confusion...."
Great talking with
@KenzieSigalos
@novogratz
@Mclader
about the future of finance, i.e. crypto
Also some good debate about ceo hairstyle and its impact on success
Yes, it can and has. Madoff and others answered this ages ago. Even regulated banks somehow end up saying “the customers’ money is gone” …Lehman, Bear Stearns, etc
These failures & frauds have been around as long as trusted 3rd parties have existed
Crypto actually solves this
BIG NEWS! 📣
We’re excited to announce our plans to acquire Dutch crypto broker BCM
@bcmtodaycom
!
This is another important step in our ongoing commitment to growth in Europe and to bringing Kraken’s offering to more people worldwide.
More details ➡️
Today’s House FS Committee hearing is a powerful reminder of how difficult it has been to be a crypto user / business in the U.S.
The lack of transparency and open hostility hurts both consumers and innovation.
The crypto voter isn’t one to ignore.
@jespow
@krakenfx
Thanks
@jespow
for building an incredible company and the contributions to the crypto industry.
Looking forward to everything that lies ahead!
...and
#BTC
🌕
Following the overwhelming bipartisan support for
#FIT21
, the
@SECgov
today took a key step toward approving an
#ETH
ETF.
The SEC must now expedite approval to give everyday Americans greater access to these products.
1/ This morning, the Federal Court for the Southern District of New York ruled that XRP is not a security.
As such, just a few minutes ago, Kraken re-enabled trading in XRP for US users.
When it comes to financial markets, trade volume can be that flashy, showy metric that lacks substance...kinda like the beach muscles of financial metrics.
Liquidity on the other hand has real stature.
NEW POD with
@krakenfx
CEO
1) Kraken vs Coinbase
2) Kraken's 5 year strategy
3) Will Kraken launch an L2?
4) Thoughts on a Kraken IPO
5) Operating an exchange through cycles
6) Hiring crypto natives
Really enjoyed this chat with
@DavidLRipley
, now live on Empire!
FIT21 is on the House floor!
Looking forward to many votes for FIT21 supporting innovation and against policies that harm Americans and benefit narrow political interests.
1/ Today,
@DCGco
released data with
@HarrisPoll
that explores swing state attitudes toward digital assets and the financial system.
The findings are clear: digital assets have emerged as a significant issue in the upcoming election.
🧵
@thomas_fahrer
Great list
@thomas_fahrer
another good one:
Debt: The First 5,000 Years by David Graeber
a comprehensive tour of the history of money and provides a foundation to understand cryptocurrenices