Ford Targets Level 3 Autonomous Driving by 2028 with New EV Platform and AI Innovations 
FCC Exempts Select Foreign-Made Drones From U.S. Import Ban Until 2026 
Citi Unveils Blockchain Platform 'Citi Token Services' for Enhanced Digital Asset Interaction 
TSMC to Report 58% Surge in Q4 Profit Amid AI Demand Boom 
Samsung Forecasts Strong Q4 Profit on AI-Driven Memory Chip Boom 
Grok AI Faces Global Scrutiny Over Safeguard Failures and Illegal Content on X 
xAI Cash Burn Highlights the High Cost of Competing in Generative AI 
Elon Musk’s X Money Launch Set to Revolutionize Digital Payments and Dominate 2025’s Fintech World 
WeBank Eyes 'Open Consortium Chain 2.0' Amid Shift to More Public-Oriented Blockchains 
Intel Unveils Panther Lake AI Laptop Chips at CES 2025, Marking Major 18A Manufacturing Milestone 
Alchemy Pay Forms Strategic Partnership with Worldpay to Expand Cryptocurrency Payment Channels 
PayPal Shares Climb 7% Amid Strong Profit Forecast, SEC Scrutiny 
PayPal Unveils Direct Crypto to US Dollars Conversion; MetaMask Integration Goes Live 
South Korea to End Short-Selling Ban as Financial Market Uncertainty Persists 
Crypto Investment Platforms eToro and M2 Granted Approvals to Operate in the UAE 
Mastercard Partners with Reserve Bank of Australia for Groundbreaking CBDC-NFT Trial 
Nvidia Appoints Former Google Executive Alison Wagonfeld as First Chief Marketing Officer 
Jesse Powell, co-founder of the cryptocurrency exchange Kraken, has publicly criticized the United States Securities and Exchange Commission (SEC) following a lawsuit against his company. The SEC has accused Kraken of several violations related to securities laws.
SEC Sues Kraken for Alleged Violations
The SEC's lawsuit, filed on November 20, alleges that Kraken did not comply with securities regulations. Specifically, the commission claims that Kraken failed to register its crypto asset staking-as-a-service program and did not follow proper procedures for separating customer and corporate funds.
Powell's Reaction to the SEC's Move
In response to the lawsuit, Powell expressed his frustration with X (previously known as Twitter). He used the term "top decel," common in tech circles to denote a hindrance to progress, to describe the SEC. Powell expressed his belief that the SEC's actions were excessive, especially after Kraken had previously agreed to a $30 million settlement in February for similar issues. He advised other crypto companies to steer clear of the United States to avoid costly legal confrontations.
Kraken's Defense and Response
A spokesperson for Kraken refuted the SEC's claims, particularly the allegation of listing unregistered securities. They described the lawsuit as disappointing and stated that Kraken is prepared to defend its actions in court. In a blog post dated November 20, Kraken addressed the SEC's accusation of commingling funds. The company argued that the regulator's claim was baseless, emphasizing that it only involved the use of fees that Kraken had rightfully earned and that no user funds were reported as missing.
Impact on the Crypto Industry
This legal battle between Kraken and the SEC underscores the ongoing tension between cryptocurrency platforms and regulatory bodies in the United States. The outcome of this case could have significant implications for how crypto exchanges operate and are regulated in the future.
