Posted 2/23/2024, 2:02:00 AM
Kraken Seeks Dismissal of SEC Lawsuit, Disputes Agency's Jurisdiction and Classification of Crypto Assets
- Kraken filed a motion to dismiss the SEC's lawsuit alleging it operated as an unregistered exchange, broker, and clearinghouse
- Kraken argues the cryptocurrencies named in the complaint should be treated as commodities, not securities
- Kraken says the SEC failed to meet the Howey Test requirements to show the crypto assets are investment contracts
- Kraken argues the SEC overstepped its jurisdiction under the Major Questions Doctrine
- The motion did not address the SEC's allegations that Kraken commingled customer and corporate funds