Connect with us

Crypto

Crypto exchange Kraken says Securities and Exchange Commission to dismiss lawsuit

Published

on

Crypto exchange Kraken says Securities and Exchange Commission to dismiss lawsuit
play

Kraken, one of the world’s largest cryptocurrency exchanges, said on Monday the U.S. Securities and Exchange Commission agreed in principle to dismiss a civil lawsuit accusing it of operating illegally as an unregistered securities exchange.

In a statement on its blog, Kraken called the dismissal a turning point for cryptocurrency that ended a “wasteful, politically motivated campaign” begun during the Biden administration, and which stifled innovation and investment.

Advertisement

Kraken said the dismissal includes no admission of wrongdoing, no penalties, and no changes to its business. It also said the dismissal is with prejudice, meaning the SEC cannot bring the case again.

“This case was never about protecting investors,” Kraken said. “It undermined a nascent industry that repeatedly urged clear rules of the road.

“We appreciate the new leadership both at the White House and the Commission that led to this change,” Kraken added.

The SEC declined to comment.

Advertisement

Kraken had been sued in November 2023, as part of former SEC Chair Gary Gensler’s push to bring cryptocurrency under the regulator’s purview.

But the SEC has pulled back on crypto oversight since U.S. President Donald Trump began his second White House term in January.

Last week, the SEC ended a similar lawsuit against Coinbase COIN.O, the largest U.S. cryptocurrency exchange, and said it may resolve its civil fraud case against Justin Sun, the Chinese entrepreneur and adviser to a Trump-backed crypto project.

Advertisement

Trump, meanwhile, nominated Paul Atkins, a Washington lawyer seen as supportive of digital assets, to succeed Gensler as SEC chair.

The SEC had accused Payward and Payward Ventures, which operate as Kraken, of having since 2018 made hundreds of millions of dollars arranging purchases and sales of 11 crypto assets while turning a “blind eye” to securities laws.

Kraken was also accused of having deficient internal controls and record keeping.

Like the vast majority of the cryptocurrency industry, Kraken argued that crypto assets, unlike stocks and bonds, did not qualify as investment contracts subject to SEC oversight.

A federal judge in San Francisco denied Kraken’s bid to dismiss the case last August.

Advertisement

Kraken is the world’s 10th-ranked cryptocurrency spot exchange based on traffic, liquidity, trading volumes, and confidence in the legitimacy of reported trading volumes, according to CoinMarketCap.

Reporting by Jonathan Stempel in New York; Additional reporting by Chris Prentice; Editing by Sharon Singleton and Bill Berkrot

Crypto

Bitcoin Mining Promises Under Fire as SEC Alleges $48.5M Investor Funds Were Misused

Published

on

Bitcoin Mining Promises Under Fire as SEC Alleges .5M Investor Funds Were Misused
Federal regulators are tightening the vise on crypto investment schemes, spotlighting alleged fraud tied to bitcoin mining that raised nearly $100 million while misleading thousands of investors about operations, capacity and the use of their money.
Continue Reading

Crypto

The Cryptocurrency That Could Be About to Explode 1,000% | The Motley Fool

Published

on

The Cryptocurrency That Could Be About to Explode 1,000% | The Motley Fool

This tiny AI coin could be ready to skyrocket in 2026.

It’s slim pickings in the crypto market right now, with nearly every cryptocurrency down 25% or more over the past 90 days. But if you’re willing to dig for bargains and hold your nose at the same time, it’s possible to come up with some potential blockbuster plays for 2026.

My favorite pick right now is Artificial Superintelligence Alliance (FET 0.25%), down 68% over the past 90 days, and more than 80% for the year. This is exactly the type of beaten-down cryptocurrency that could be ready to explode higher by 1,000% or more over the next 12 months.

Rules for picking 1,000% winners

In order for any cryptocurrency to soar 1,000% or more within a relatively short period of time, it needs to meet a few key criteria. First of all, it needs to be dirt cheap — that’s the only way to attract speculative retail money. So, as a first cutoff, let’s narrow our search to beaten-down cryptos trading for $1 or less.

Second, the cryptocurrency needs to be in a red-hot sector or backed by a red-hot investment thesis. Within the blockchain and crypto world, there are plenty of potential hot ideas to choose from, including real-world asset tokenization, stablecoins, and decentralized finance (DeFi).

Advertisement

But let’s face facts here: If you try explaining real-world asset tokenization or stablecoins to your friends and family over the winter holidays, you’ll probably be met with a very frosty reception. The investment narrative needs to be easy to grasp and easy to explain. And I can’t think of a better one right now than artificial intelligence (AI).

Image source: Getty Images.

So let’s further narrow our search down to so-called AI coins. This was once a red-hot category, and includes some major names like Bittensor, Render, and Artificial Superintelligence Alliance (FET 0.25%).

The case for buying Artificial Superintelligence Alliance

Of these AI coins, the only one that’s trading for less than a buck right now is Artificial Superintelligence Alliance (the cryptocurrency formerly known as Fetch.ai). It has a super-low discount price of $0.20 — almost as cheap as some meme coins. In order for FET to explode in price by 1,000%, all investors need it to do is hit a price of $2.20.

Fetch Stock Quote

Today’s Change

(-0.25%) $-0.00

Advertisement

Current Price

$0.21

Thankfully, it has already done that in the past. In March 2024, Artificial Superintelligence Alliance hit an all-time high of $3.47. So, getting back to a price level of $2.20 may not be as insurmountable as it seems at first.

Moreover, the crypto (via the involvement of Fetch.ai in the alliance) is at the forefront of the hot new field of agentic AI, so there’s plenty of long-term growth potential.

Just keep in mind that there’s a big reason the price of Artificial Superintelligence Alliance has cratered by nearly 95% over the past 18 months. Simply put, investors have given up on the “alliance” that was supposed to create the world’s foremost AI coin.

The multistep merger process that was supposed to result in a single token called ASI has gone on much longer than expected. It has also been much messier than many people expected. In October, Ocean Protocol — one of the three big AI players involved — finally pulled out of the alliance, and that sent the price of FET tumbling.

What can investors expect in 2026?

As recently as December 2024, the price of Artificial Superintelligence Alliance was around $2. That’s why I’m optimistic about a potential rebound in price in 2026. Crypto traders have likely overreacted and are now dumping this AI coin indiscriminately.

Advertisement

That being said, a 1,000% surge in price is by no means guaranteed. It’s quite possible that the price of Artificial Superintelligence Alliance could go to zero. So, buckle up now if you plan to invest in this AI coin — the path ahead is likely to be filled with turbulence and stomach-churning moves up and down.

Continue Reading

Crypto

China Discovers ‘Largest’ Undersea Gold Deposit in Asia as State Mining Ambitions Expand

Published

on

China Discovers ‘Largest’ Undersea Gold Deposit in Asia as State Mining Ambitions Expand
China says it has uncovered Asia’s largest undersea gold deposit, a massive offshore find that strengthens domestic supply, reshapes regional resource rankings, and highlights Beijing’s accelerating push to secure strategic minerals.
Continue Reading

Trending