In a YouTube printed video yesterday, crypto analyst The Luckside Crypto host reacted strongly to information that the SEC has sued crypto alternate Kraken.
The analyst expressed disbelief, stating “I can’t consider we’re nonetheless having these discussions.” He claims the SEC alleges no fraud, manipulation, buyer hurt or safety points with Kraken. Reasonably, the swimsuit merely targets Kraken’s great amount of property underneath administration.
The Luckside Crypto host speculated that is one other SEC “cash seize” to fund extra crypto lawsuits, on the heels of settlements earlier this yr. He accused the SEC of “not making a lot headway” in different instances.
Moreover, the analyst derided the SEC for nonetheless alleging cash like Cardano (ADA) and Solana (SOL) are securities. He firmly states “ADA’s not a safety, Solana’s not a safety.” He sees the SEC overstepping its authority to manage property on secondary exchanges.
Whereas noticing a slight market pullback, the host claims this lawsuit is having little value impression in comparison with earlier regulatory actions. He believes the crypto sector will transfer ahead regardless, heading towards the 2024 Bitcoin (BTC) halving and continued adoption.
Lastly, the analyst predicts the SEC will finally face restrictions, as Congress and courts intervene on instances like this that focus on well-functioning crypto companies. However for now, he sees the SEC as “attempting to be the massive canines” and failing to guard traders with these actions.