The US SEC has filed a lawsuit against Kraken, one of the largest cryptocurrency exchanges in the world. The regulator accuses Kraken of operating as a securities exchange in the US without registering with the regulator, as required by law. Kraken says it intends to defend itself in court and argues cryptocurrency regulation should be decided by Congress, not the SEC. This is part of the SEC chair's broader push to bring much of the cryptocurrency industry under the SEC's oversight by defining many digital assets as securities. Similar lawsuits have been filed against Binance and Coinbase this year.