CFTC Commissioner: CFTC's allegations or interference with SEC powers against KuCoin

Caroline Pham, the US CFTC commissioner, stated that the recent accusations made by the CFTC against KuCoin may interfere with its cooperating institutions. On March 26, 2024, the CFTC and the US Department of Justice accused KuCoin of operating a cryptocurrency derivatives platform without proper authorization. Caroline Pham stated that the CFTC's actions may have infringed upon the powers of the SEC and undermined decades of strong investor protection laws, as it confused a financial instrument with a financial activity and undermined the foundation of the securities market.