John Deaton Fights with Kraken Customers
Ripple’s attorney and crypto advocate John E Deaton has stepped up to support Kraken users facing SEC allegations. In a post on Twitter, he announced a Google form for Kraken customers to express grievances and concerns.
Deaton praised Kraken as the SEC accused the exchange of failing to protect digital assets. He assured Kraken customers that he will fight for their voices to be heard.
He criticized SEC Chair Gensler as “despicable and dishonorable”. Deaton condemned Gensler’s handling of regulatory issues and highlighted Kraken’s decision to settle and pay $30 million to the SEC.
Deaton also highlighted Ripple’s ongoing legal battle with the SEC, with the company spending over $150 million on legal fees so far.
US SEC Allegations Against Kraken
The US SEC has charged cryptocurrency exchange Kraken, accusing the company of facilitating hundreds of millions of dollars in illegal trading of cryptocurrency securities since September 2018. The SEC alleges that Kraken provided traditional exchange, broker, dealer, and clearing agency services without the necessary registration.
The SEC’s complaint emphasizes Kraken’s inadequate internal controls and poor recordkeeping practices, putting its customers at risk.
In response, Kraken’s official X account on Twitter denied the allegations, stating that the claims made by the SEC are false and that they will fight back in court.
Hot Take: Deaton Stands in Solidarity with Kraken Users
John Deaton’s announcement of support for Kraken users demonstrates his commitment to fighting for fairness and accountability in the crypto industry. As regulatory scrutiny of cryptocurrency exchanges intensifies, the ongoing legal challenges faced by both Ripple and Kraken highlight the complexities and uncertainties of the regulatory landscape. Deaton’s proactive stance and vocal criticisms underscore the broader implications for the future of digital asset regulation and investor protection.
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