Prosecutors in eight states have accused the SEC of overstepping its authority over the Kraken exchange

Home / Prosecutors in eight states have accused the SEC of overstepping its authority over the Kraken exchange

Prosecutors from eight U.S. states have filed a joint memorandum alleging that the Securities and Exchange Commission (SEC) exceeded its authority over the Kraken exchange.

The document was filed from Arkansas, Iowa, Mississippi, Montana, Nebraska, Ohio, South Dakota and Texas.

It states that prosecutors do not favor either side, but notes that Congress did not give the SEC the authority to regulate cryptocurrencies or allow it to expand the concept of an “investment contract”.

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