Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Eight state AGs in US challenge SEC's authority in Kraken lawsuit with joint amicus brief

Eight state AGs in US challenge SEC's authority in Kraken lawsuit with joint amicus brief

The BlockThe Block2024/03/01 06:31
By:The Block

Quick Take A group of eight U.S. state attorneys general filed a joint amicus brief on Thursday, arguing that the SEC’s enforcement action against the cryptocurrency exchange Kraken exceeded its delegated powers.

Eight state AGs in US challenge SEC's authority in Kraken lawsuit with joint amicus brief image 0

A group of attorneys general for eight U.S. states submitted a joint amicus brief on Thursday, arguing that the Securities and Exchange Commission’s lawsuit against Kraken exceeds the regulator’s authority.

In the joint filing, the attorneys general of Montana, Arkansas, Iowa, Mississippi, Nebraska, Ohio, South Dakota, and Texas claimed that the amicus does not support either party but it “opposes the SEC’s regulation of crypto assets absent an investment contract because Congress has not delegated this authority to the SEC.”

The filing stated that the states have a strong interest in preventing the potential preemption of consumer protection and other state laws by the SEC’s attempt to regulate crypto assets as securities.

“The SEC’s enforcement action exceeds its delegated powers,” the filing added. “The court should reject categorizing crypto assets as securities absent an investment contract. The SEC’s exercise of this undelegated authority puts state consumers at risk by preempting state statutes better tailored to the specific risks of non-securities products.”

The amicus briefing follows Kraken’s motion last week to dismiss the SEC’s lawsuit. Kraken stated in a blog post that the SEC’s claim was flawed, as the regulator argued that the crypto exchange operates an unlicensed platform for “investment contracts” without identifying any “contract” between Kraken users and token issuers.

In November, the SEC filed a lawsuit against Kraken, accusing the crypto exchange of multiple charges, including operating without registration, failing to prevent known conflicts of interest, and commingling client funds.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — HOLO/USDT!

Bitget Announcement2025/09/12 07:46

FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA2025/09/12 06:14
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA2025/09/12 06:14
OPEN has dropped by 189.51% within 24 hours during a significant market pullback

New spot margin trading pair — LINEA/USDT!

Bitget Announcement2025/09/11 10:04