TechFlow news: On August 23, the U.S. District Court for the Northern District of California denied cryptocurrency exchange Kraken's motion to dismiss the SEC's lawsuit. The SEC alleges that Kraken operated an unregistered securities trading platform, and the court found reasonable the SEC's claim that certain crypto asset transactions on Kraken’s platform constitute investment contracts. A final ruling in the case has not yet been issued.
Kraken's Chief Legal Officer Marco Santori stated that they will demonstrate these transactions do not meet the requirements of the Howey test.
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