Cryptocurrency exchange Kraken has responded to allegations by the U.S. Securities and Exchange Commission (SEC), in which the agency said Kraken violated federal securities laws.
In a legal filing dated September 12, the exchange stated that the assets mentioned by the SEC do not meet the legal definition of a security.
Kraken asserts that it did not violate sections 5, 15(a) and 17A of the Securities Exchange Act of 1934 because the assets in question were not securities or investment contracts.
The assets the SEC has named include: Solana ’s SOL , Cardano ’s ADA , Algorand ’s ALGO , Cosmos ’ ATOM , Filecoin ’s FIL , Polygon ’s Matic , and five others.
Brazil lifts Starlink and X account freeze after paying $3 million fine
On September 13, the Brazilian Supreme Court decided to unfreeze bank accounts related to Elon Musk's Starlink and social network X after the fine was transferred to the national treasury.
The fine, worth 18.35 million Brazilian reais, or about $3.3 million, is related to a legal dispute with the social network over its failure to comply with a court order.
Brazil's Supreme Court has previously ordered X to block accounts accused of spreading misinformation and hate speech, calling the content a threat to democracy.
On September 12, the Brazilian Attorney General's Office argued that the suspension of X did not violate freedom of expression and that lawsuits against the X ban had no legal basis.
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UK Government Introduces Bill to Clarify Legal Status of Cryptocurrencies
On September 11, the UK government introduced new legislation to assess whether Bitcoin ( BTC) and other cryptocurrencies can be considered “personal property.”
The government announced that the Property Bill will clarify the legal status of non-fungible Token ( Non-Fungible Token ), cryptocurrencies and carbon credits.
Labor MP Heidi Alexander, who is also a Minister of State, explained that the new legislation could help “clarify complex property cases.”
The UK government said the proposed law would provide “legal protection” for owners and companies when “digital assets are disputed or become part of agreements.”
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Coinbase’s “Stand With Crypto” Launches Legal Defense Fund for Non-Fungible Token
On September 13, Coinbase -led advocacy group Stand With Crypto announced the launch of a legal defense fund for Non-Fungible Token projects.
The legal defense fund, called the “Creator Legal Defense Fund,” has a total value of $6 million and is backed by venture capital firm a16z and Non-Fungible Token marketplace OpenSea .
According to the website Stand With Crypto, the SEC’s issuance of Wells notices to OpenSea and many other “artists and creators” has raised legal concerns for those building on blockchain technology.
In parallel with the action against OpenSea, the SEC has also brought legal actions against cryptocurrency exchanges Coinbase, Kraken , and Binance , accusing them of violating securities laws.
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