The cryptocurrency exchange Kraken is taking measures to counter the accusations made by the U.S. Securities and Exchange Commission (SEC). Inspired by the fintech project Ripple, they are preparing for legal proceedings. Marco Santori, Kraken's Chief Legal Officer, confirmed in an interview with CNBC the company's intention to contest the charges in court.

On November 21, the SEC made claims against Kraken, alleging that the exchange mixed its own finances with client assets. The SEC also stated that Kraken is not registered as a securities trading platform, broker, dealer, or clearing agent. Santori rejects these accusations, stating that many of them are based on unreliable information. He emphasizes that Kraken does not perform the functions of a clearing company, broker, or dealer in investment contracts.

Santori stressed that Kraken intends to defend its interests in court, although the process may take several months.

Kraken's legal director criticizes the Commission's policy and notes that more adequate legislation for cryptocurrency companies is being developed in other countries. Santori states that Kraken is not avoiding regulation and hopes for the creation of an effective legal framework for the crypto industry.

He also noted that the outcome of the Ripple lawsuit against the SEC in July, when the court ruled that the XRP token is not a security, created an important precedent. According to Santori, this decision could have a positive impact on other cryptocurrency platforms facing similar legal proceedings.

In October, it became known that Kraken must provide the IRS with data on more than 40,000 users concerning transactions from 2016 to 2020 amounting to over $20,000. The IRS requested data from the Kraken cryptocurrency exchange about its users in 2021 to check tax obligations.