TechFlow reported that cryptocurrency exchange Kraken stated the U.S. Securities and Exchange Commission (SEC) filed a lawsuit in 2023 alleging that Kraken operated a securities exchange without proper authorization, though no allegations of fraud were made.
Kraken has filed a motion to dismiss the SEC's lawsuit, arguing that the SEC's claims are legally flawed. Kraken emphasized that digital assets do not meet the Howey test, warned that the case could set a precedent for agency overreach, and urged the court to dismiss the action and return legislative authority to Congress. Kraken reiterated its commitment to doing right by its customers and innovators.
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