Former SEC Chairman Gary Gensler has filed lawsuits against several cryptocurrency platforms, including leading exchange Kraken, for alleged unregistered securities sales. In the lawsuit, Kraken argued that the SEC lacks the authority to regulate the crypto market through litigation and that it cannot act without congressional authorization. However, the court overseeing the case rejected Kraken's objection, upholding the SEC's jurisdiction. This objection, known as the "important questions doctrine," has been a significant criticism of the SEC by various exchanges, including Binance and Coinbase, which also claim that the SEC exceeded its authority. The SEC had previously settled a staking lawsuit with Kraken, resulting in a $30 million payment.



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