Judge in SEC v. Kraken Case Suggests Motion to Dismiss & Denied

Court Indicates SEC's Claims Against Kraken's Crypto Assets as Securities May Proceed to Trial
Judge in SEC v. Kraken Case Suggests Motion to Dismiss & Denied

A federal judge has indicated a likely denial of Kraken's motion to dismiss the SEC's lawsuit, which alleges that the exchange operated as an "ecosystem" for crypto asset securities. During a June 20 hearing, Judge William Orrick noted that it was “plausible” digital assets were offered and sold as investment contracts. Kraken’s defense, referencing similar cases and arguing for equal application of securities laws, faced pushback from the SEC’s claims under the Howey test. A year-long discovery period is anticipated if the case proceeds.

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