Cardano (ADA) And Solana (SOL) Are Classified As Securities In New SEC Lawsuit Against Kraken

Crypto exchange Kraken is facing another lawsuit from the US Securities and Exchange Commission (SEC). The SEC’s latest filing classified Cardano (ADA) and Solana (SOL), among other cryptocurrencies, as securities. In response to the SEC lawsuit alleging unregistered securities exchange transactions, Kraken CEO Dave RIPLEY took to social media site X to defend the company’s position. Ripley disagreed with the SEC’s statements, emphasizing that Kraken does not offer securities.

The CEO stressed that the lack of a clear registration path with the SEC and the factual inaccuracies in the allegations underscore a broader problem with policymaking in the United States. He called on Congress to take action to remove regulatory ambiguities and pledged to continue to support Kraken’s efforts to bring clarity to the US crypto environment. Despite the lawsuit, Kraken ensures its commitment to its mission and its customers in the US and around the world, without having any impact on the current services offered.

Following similar actions against other major exchanges, the SEC’s lawsuit against Kraken is part of a larger trend toward recognizing various cryptocurrencies as securities. Earlier this year, the SEC filed lawsuits against Binance and Coinbase, alleging that tokens such as ADA, SOL, and Polygon (MATIC) are unregistered securities. Cardano founder Charles HOSKINSON has since clarified that no enforcement action has been taken specifically against ADA, amid rumors of increased scrutiny from the SEC. Input Output Global (IOG), the firm behind the Cardano blockchain, and the Solana Foundation have rejected the regulator’s claims that ADA and SOL are securities.

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