On November 21st, Kraken, a cryptocurrency exchange, responded to the Securities and Exchange Commission's (SEC) lawsuit, which accused Kraken of operating as an unregistered national securities exchange, broker, and clearinghouse. Kraken disagreed with the allegations and plans to vigorously defend its position. The news today has no impact on the products Kraken provides and the company will continue to provide uninterrupted service to its customers.

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Kraken, accusing the crypto exchange of violating federal securities laws by commingling customer and corporate funds while operating as an unregistered broker, clearing agency, and dealer. The SEC alleges that Kraken created a "significant risk" by commingling up to $33 billion in customer crypto with its own corporate assets and holding more than $5 billion worth of its customers' cash. The regulator also claims that Kraken has paid operational expenses directly from bank accounts that hold customer cash. The SEC has previously filed similar suits against Binance and Coinbase, and settled allegations against Bittrex's now-shuttered U.S. wing.

Bloomberg analyst Eric Balchunas stated on X platform that ARK Invest and 21Shares have once again updated their application file S-1 for a Bitcoin spot ETF, which is the 3rd amendment. He stated that the more these files are updated, the better, as it indicates that they are working hard to obtain approval from the US Securities and Exchange Commission.

Dan M. Berkovitz, former SEC general counsel and CFTC commissioner, stated in an interview that it is necessary to further revise securities or commodity laws related to the regulation of the cryptocurrency market. Existing commodity and securities laws are sufficient to regulate derivative and securities markets. These laws are flexible enough to adapt to new technologies such as cryptocurrency and blockchain trading assets. Berkovitz does not believe that there is a "difference" between the CFTC and SEC in regulating digital assets. The former SEC general counsel claims that Congress urgently needs to provide additional powers for non-security digital assets in the spot market, and the coordination between the CFTC and SEC on cryptocurrency issues is the same as the coordination on other overlapping issues. These two agencies do not always have the same views on issues, and considering their respective jurisdictions, it is normal for there to be some differences, but I do not think that any such differences in cryptocurrency will rise to the level of a "crack".

European Central Bank President Christine Lagarde recently proposed a groundbreaking idea that could completely change Europe's financial regulatory framework. Lagarde advocates for the establishment of a European institution that corresponds to the United States Securities and Exchange Commission (SEC). This move aims to enhance Europe's financial capabilities in order to effectively respond to urgent challenges in the region. The establishment of a European Securities and Exchange Commission, which replaces the current piecemeal national regulatory agencies, is considered crucial for raising the large amount of funds needed to address these challenges. This new regulatory agency will not only simplify regulation, but also improve the efficiency of the entire European capital market. In addition, Lagarde emphasized the need for integration between European national financial exchanges.

As FTX showed, operators in digital asset markets need to improve corporate governance standards. Here are the key components as the industry readies for another possible bull run.

Franklin Templeton also has an outstanding bitcoin ETF application with a Nov. 17 decision deadline.

According to Reuters, the US Securities and Exchange Commission (SEC) urged a federal judge on Thursday to force billionaire Elon Musk to testify about his $44 billion acquisition of social media giant Twitter (now known as X).

US Securities and Exchange Commission (SEC) submitted a document to the San Francisco Federal Court on Thursday stating that Elon Musk should testify in its investigation into his $44 billion acquisition of social media giant Twitter (now called X). Last month, the SEC stated that it was investigating Musk's purchase of Twitter stock in 2022 and his statements related to the acquisition. The SEC stated that Musk refused to participate in the September interview, and in its latest filing, the agency said that it has the legal right to seek testimony and documents during its investigation.

According to The Block, Gulf Binance, a joint venture between Binance and Gulf Innova, will first provide services to users through an invitation mechanism and plans to open its services to the public early next year.Gulf Energy Development stated that Gulf Binance has received approval from the Thai SEC and can begin operating its trading platform. Gulf Binance's digital asset platform will provide digital asset trading and brokerage services, prioritizing security and complying with Thai SEC regulations.