RBA Gov Bullock says increasingly optimistic about the labour market

tweet: SEC just filed a case against Kraken Exchange (Payward, Inc) @krakenfx [announcement: I’m moving to @SynopticCom soon] pic.twitter.com/7SK3wYP3ej tweet: U.S. SEC SUES KRAKEN FOR OPERATING ONLINE CRYPTO TRADING PLATFORM WITHOUT REGISTERING WITH THE AGENCY -- COURT FILINGSecurities and Exchange Commission v. Payward, Inc. Since 2013, Kraken has operated an online trading platform through which its customers can buy and sell crypto assets, many of which form the basis of investment contracts covered under U.S. securities laws. Without registering with the SEC in any capacity, Kraken has simultaneously acted as a broker, dealer, exchange, and clearing agency with respect to these crypto asset securities. In doing so, Kraken has created risk for investors and taken in billions of dollars in fees and trading revenue from investors without adhering to or even recognizing the requirements of the U.S. securities laws that are designed to protect investors. 10 2. Kraken’s business practices, deficient internal controls, and inadequate 11 recordkeeping present a range of additional risks that would also be prohibited for 12 any properly registered securities intermediary. For example, Kraken has at times 13 held customer crypto assets valued at more than $33 billion, but it has commingled 14 these crypto assets with its own, creating what its independent auditor had identified 15 in its audit plan as “a significant risk of loss” to its customers. Similarly, Kraken has 16 held at times more than $5 billion worth of its customers’ cash, and it also 17 commingles some of its customers’ cash with some of its own. In fact, Kraken has at 18 times paid operational expenses directly from bank accounts that hold customer cash. 19 In addition, during 2023, the independent auditor determined that issues related to 20 Kraken’s recordkeeping for customer custodial assets had resulted in material errors 21 to Kraken’s financial statements for 2020 and 2021. 22 3. Congress enacted the Securities Exchange Act of 1934 (the

Today, the SEC filed a complaint alleging that Kraken operates as an unregistered securities exchange, broker, and clearing house. We disagree, and intend to vigorously defend our ...