Crypto
Crypto exchange Kraken says Securities and Exchange Commission to dismiss lawsuit
Crypto prices jump after Trump sets plan for US strategic reserve
Prices for bitcoin and the like have soared after Donald Trump set out plans for a U.S. cryptocurrency reserve. He said in a social media post that the stockpile would include bitcoin and ether, as well as smaller tokens XRP, solana and cardano.
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.
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.
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.
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.
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
Cryptocurrency fraud costs Okaloosa County resident over $500k
Crypto
Scam Jam: Avoiding Modern Romance & Cryptocurrency Scams | FFXnow
The Fairfax Scam Jam unpacks two of the fastest‑growing threats: romance‑based investment schemes and cryptocurrency fraud. Scammers often initiate contact through friendly wrong‑number texts, dating apps, and social media, then spend weeks or months building trust. Once a relationship feels established, victims are encouraged to “invest” in cryptocurrency, gold, or foreign currency through fraudulent platforms operated by criminal organizations.
You’ll learn how these schemes operate step‑by‑step, the psychological tactics scammers use, and the financial and emotional devastation they leave behind. Presenters will share actionable tools for recognizing early warning signs, having preventative conversations with loved ones, reporting fraud, and recovering when possible. Whether you’re new to digital safety or a seasoned advocate, this year’s Scam Jam will give you the knowledge you need to stay a step ahead of scammers.
The 9th Annual Fairfax Scam Jam is a community collaboration between AARP Virginia and the Fairfax County Silver Shield Anti-Scam Program.
Resource Fair exhibitors will be on hand until 1 p.m.
Representatives from county, state and federal agencies will be available to answer your fraud and scam questions one-on-one.
Complimentary lunch is provided to registered guests.
Crypto
Wood County Sheriff’s Department pushes for cryptocurrency kiosk protections
WOOD COUNTY, Wis. (WSAW) – The Wood County Sheriff’s Department is hoping a bill that would protect victims from scams involving cryptocurrency kiosks will soon be signed into law. It passed with bipartisan support on Tuesday.
Scammers have used kiosks to take thousands of dollars from victims in north central Wisconsin. Scammers convince people to first deposit cash. It’s then turned into bitcoin and sent to scammers.
The Wood County Sheriff’s Department first received complaints about scams involving cryptocurrency kiosks three years ago. Since then, they’ve been investigating reports and testifying for change.
Sheriff Shawn Becker has been sounding the alarm.
“We did push, we did communicate, communicate with our law enforcement agencies, communicate with other legislators, anybody that would be willing to listen,” Becker said.
Legislation passes with bipartisan support
Lawmakers have been working to impose regulations on these kiosks. One element would require operators to reimburse victims.
“I’m hoping that we can go retroactively to the investigations that we’ve been handling and where we’ve kept the money at the sheriff’s department, and we can give it right back to that victim. And that’s going to be a great day, quite honestly,” Becker said.
The department has thousands of dollars in evidence they seized that they’ll be able to return to victims if the bill is signed into law.
The legislation also includes daily $1,000 transaction limits.
“That limitation is really going to be effective, because somebody can’t walk in there with $20,000 or even more and put it into the machine,” Becker said.
It also requires operators to add warning labels to kiosks. It also requires kiosks to be more than five feet away from ATMs.
“It took many, many people to be involved in this and understand it’s a process to create legislation and we’re there. And we’re really happy with the end result,” Becker said.
Becker also gave an update about a lawsuit from last year. A crypto vendor sued the department for seizing cash from their bitcoin machines. They’ve now settled. Becker said he didn’t agree with that, but it showed they needed to continue pushing for change.
AARP Wisconsin supporting legislation
Raj Shukla is the Wisconsin state director for AARP. He said this legislation does a lot to stop scammers in their tracks and protect victims, especially since it puts $1,000 daily transaction limits on kiosks.
“That means that people won’t be losing a lifetime’s worth of life savings in just a day. It provides for receipts for every transaction so that law enforcement can track transactions and find scammers faster,” Shukla said.
Shukla said the consumer protections that exist on ATMs don’t exist on cryptocurrency machines. He said this legislation levels the playing field.
Shukla is hoping the bill is signed into law this week. He said scams involving cryptocurrency are rampant right now.
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