Kraken is reportedly being probed by the SEC over possible securities violations which could have implications for other U.S.-operated crypto exchanges.
SEC Chairman Gary Gensler has repeatedly said, however, that he considers most cryptocurrencies other than Bitcoin to be securities.
The SEC however recently conceded during a Jan. 30 appeal hearing in the LBRY v SEC case that the sale of LBRY Credits in the secondary market, after the judge was persuaded by an argument from attorney John Deaton highlighting that the courts had never deemed the underlying asset to be a security in similar cases.
The regulator often refers to the “Howey Test” to determine what constitutes a security. The name comes from the SEC v Howey case from 1946 which set a precedent in the U.S. for what transactions are considered securities. It held that a transaction qualifies as an investment contract — and therefore is considered a security — where there is an investment in a common enterprise with profits earned exclusively through the work of others.
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