Kraken Asks The Court to Dismiss The SEC’s Case in Recent Filing
- Kraken has filed a motion asking the court to dismiss a case filed against it by the SEC.
- The crypto exchange cited inappropriate wording as a reason the court should strike the motion.
- Kraken also noted that the filing could cause a “significant reordering” of the U.S. financial regulatory structure.
Kraken, a United States-based cryptocurrency exchange, has filed a motion asking the court to dismiss a case filed against it by the U.S. Securities and Exchange Commission (SEC). According to reports, Kraken cited inappropriate wording by the SEC as a reason why the court should strike out the SEC’s motion.
The crypto exchange highlighted that the SEC failed to identify “any investment contracts that were (or could be) traded, brokered or settled on Kraken.” Kraken’s filing stated that the SEC used the terms investment “concept” and “ecosystem” instead of “investment contract” and “enterprise” several times in its argument.
The SEC and Kraken have been entangled in a lawsuit since November 2023, after the commission alleged that the crypto exchange failed to register appropriately and co-mingled customers’ funds. Last February, Krak…
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