Crypto analyst blasts Kraken lawsuit as SEC's money grab, criticizes attacks on ADA

In a YouTube published video yesterday, crypto analyst The Luckside Crypto host reacted strongly to news that the SEC has sued crypto exchange Kraken.

The analyst expressed disbelief, stating “I can’t believe we are still having these discussions.” He claims the SEC alleges no fraud, manipulation, customer harm or security issues with Kraken. Rather, the suit simply targets Kraken’s large amount of assets under management.

The Luckside Crypto host speculated this is another SEC “money grab” to fund more crypto lawsuits, on the heels of settlements earlier this year. He accused the SEC of “not making much headway” in other cases.

Additionally, the analyst derided the SEC for still alleging coins like Cardano (ADA) and Solana (SOL) are securities. He firmly states “ADA’s not a security, Solana’s not a security.” He sees the SEC overstepping its authority to regulate assets on secondary exchanges.

While noticing a slight market pullback, the host claims this lawsuit is having little price impact compared to previous regulatory actions. He believes the crypto sector will move forward regardless, heading toward the 2024 Bitcoin (BTC) halving and continued adoption.

Finally, the analyst predicts the SEC will eventually face restrictions, as Congress and courts intervene on cases like this that target well-functioning crypto firms. But for now, he sees the SEC as “trying to be the big dogs” and failing to protect investors with these actions.