In a YouTube revealed 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 imagine we’re nonetheless having these discussions.” He claims the SEC alleges no fraud, manipulation, buyer hurt or safety points with Kraken. Slightly, the go well with merely targets Kraken’s great amount of belongings 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 circumstances.
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 belongings 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 ultimately face restrictions, as Congress and courts intervene on circumstances like this that concentrate on well-functioning crypto companies. However for now, he sees the SEC as “making an attempt to be the large canines” and failing to guard buyers with these actions.