Not really. SEC investigations are civil, not criminal. They might end up paying a fine, but there is no risk of jail time or anything similar. Also, while I like Kraken as an exchange, its market share is not significant enough for it to matter in the big picture.
> SEC investigations are civil, not criminal.
SEC investigations address both aspects, when it gets past investigation to litigation, they do civil litigation themselves and refer to DOJ for potential criminal prosecution.
Coinbase has been charged with more or less the same thing since this summer. The SEC is grasping at straws at this point.