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The U.S. Securities and Exchange Commission (SEC) recently filed a motion for judgment against Kraken, targeting specific defenses the crypto exchange has raised.
This motion, filed under the direction of SEC Chair Gary Gensler’s team, is seen as a way to avoid further investigation into the SEC’s regulatory actions concerning crypto. Industry observers have noted the timing, suggesting the SEC may be seeking to reinforce its approach before potential changes in agency leadership.
Kraken’s defenses argue the SEC failed to provide sufficient guidance on crypto regulations, while the major questions doctrine claims that agencies like the SEC should not enact significant policy changes without explicit Congressional backing.
The SEC’s recent actions echo its prior attempts in the Ripple case, where similar arguments were rejected. Kraken’s attorney, Michael O’Connor, remains confident the motion may not succeed, with additional defenses ready if the case moves forward.
This filing comes amid political shifts following Donald Trump’s recent re-election, raising questions about Gensler’s future at the SEC. Trump has previously expressed intentions to replace Gensler, potentially signaling a shift in crypto policy. Industry leaders like Galaxy CEO Mike Novogratz advocate for SEC Commissioner Hester Peirce as a possible successor, valuing her more transparent regulatory stance on crypto.
The crypto community, pushing for regulatory reform, has voiced frustration over the SEC’s enforcement-first approach. Ripple’s legal head Stuart Alderoty and CEO Brad Garlinghouse see Trump’s administration as an opportunity to promote the U.S. as a crypto leader, calling for regulatory clarity and a shift toward a more supportive environment for blockchain development.