The U.S. Securities and Exchange Commission (SEC) has accused Kraken of offering and selling unregistered securities. Many of these tokens have posted double-digit gains year-to-date. The SEC's actions against Kraken could have a significant impact on the cryptocurrency industry. If the SEC is successful in its lawsuit, it could set a precedent that would make it difficult for other cryptocurrency exchanges to operate in the United States. This could lead to a consolidation of the industry, as smaller exchanges are forced to exit the market.