The Securities and Exchange Commission (SEC) sued Kraken on Monday evening, accusing one of the world's largest cryptocurrency exchanges of illegally operating as a securities exchange without first registering with the regulator. “We allege that Kraken made a business decision to reap hundreds of millions of dollars from investors rather than coming into compliance with the securities laws. That decision resulted in a business model rife with conflicts of interest that placed investors’ funds at risk,” Gurbir Grewal, director of the SEC’s Division of Enforcement, said in a statement. The latest move by SEC Chair Gary Gensler to crack down on crypto has drawn criticisms from the ind
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