Why is Sec suing Kraken?

Why is the Securities and Exchange Commission (SEC) pursuing legal action against Kraken, a leading cryptocurrency exchange? Is it due to potential violations of securities laws, such as failure to register the offer and sale of digital assets as securities? Or could it be related to allegations of fraudulent activity, misrepresentation of investment opportunities, or other financial irregularities? With the growing popularity of cryptocurrencies and the associated risks, is the SEC taking a proactive approach to protect investors and maintain market integrity? We await the details of the SEC's investigation and legal proceedings to gain a clearer understanding of the reasons behind this legal action.