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Kraken, a cryptocurrency exchange, is facing charges from the U.S. Securities Exchange Commission (SEC). The company’s Chief Legal Officer, Marco Santori, dismissed the allegations as baseless and plans to fight the complaint in court. Santori emphasized that Kraken is not trying to avoid regulation but is seeking a legal framework that makes sense for the crypto ecosystem. He also highlighted Ripple’s court victory against the SEC, suggesting that it sets a precedent for on-exchange transactions not being considered securities transactions. The SEC alleges that Kraken commingled funds, but Kraken argues that this is discounted within the complaint itself. The SEC filed charges against Kraken on November 20, and the company responded on the same day. Kraken co-founder and board chairman Jesse Powell has also commented indirectly on the matter.