SEC Charges Coinbase for Operating as an Unregistered Securities Exchange

And yet, the SEC approved the Coinbase Nasdaq listing. I'll never understand how this state of affairs with regulators is allowed to happen.

Left hand doesn’t know what the right hand is doing. Classic government bureaucracy.

SEC Complaint PDF:

Is there a key difference between Kraken and Coinbase? Is this something that's coming down the road for Kraken?