The Securities and Exchange Commission (SEC) encounters a potential setback in its lawsuit against Kraken, a prominent cryptocurrency exchange. The legal dispute revolves around the SEC accusing Kraken of functioning as an unregistered securities exchange. Critics argue that the lawsuit appears to be a recycled version of a prior unsuccessful attempt by the SEC to assert control over the cryptocurrency industry. The ongoing legal battle exemplifies the regulatory challenges faced by traditional authorities in adapting to the evolving landscape of digital assets. Source: Cointelegraph