As the SEC continues to increase its pressure on the cryptocurrency industry, the SEC's latest target was the leading crypto exchange Kraken.
Commenting on the case, Bloomberg Intelligence analyst James Seyfartt said that the Kraken case is similar to the Coinbase case.
While the SEC argued that Solana (SOL), Cardano (ADA), Algorand (ALGO) and 13 other major altcoins are securities, Seyfartt stated that these altcoins are still under review within the scope of previous cases filed by the SEC.
At this point, Seyffart, who criticized the SEC for its actions, pointed out that the SEC has not yet taken any stance on Ethereum (ETH).
“This lawsuit against Kraken sounds to me like the same thing as the Coinbase lawsuit, but in this case Kraken was accused of mixing customer assets with company assets, among other allegations.
Specifically, cryptocurrencies, which the SEC claims are securities, were included here. This list includes 16 cryptocurrencies explicitly listed here, including Solana, Cardano, and Algorand.
However, I would like to point out that Ethereum is not on that list. “I think the SEC is doing this on purpose, this move by the SEC is a conscious decision to leave ETH closed.”
James Seyffart stated that the SEC did not take a clear stance on ETH and said that the SEC did not do what it did with Bitcoin, neither listing ETH as a commodity nor as a security.
At this point, Seyffart criticizes the SEC and states that the SEC actually accepts ETH as a commodity, and therefore does not direct any accusations against ETH in the lawsuits it files.
— James Seyffart (@JSeyff) November 20, 2023
*This is not investment advice.