TechFlow News, September 13 — According to CoinDesk, on September 13, cryptocurrency exchange Kraken filed documents with a U.S. court requesting a jury trial in response to the lawsuit brought by the U.S. Securities and Exchange Commission (SEC). This move follows last month's ruling by a California judge that the SEC's case against Kraken will proceed to trial. In its court filings, Kraken reiterated its position, denying any illegal conduct, responding to each of the SEC’s allegations, and asserting 18 affirmative defenses.
Kraken acknowledged listing over 220 crypto assets globally and offering services such as margin trading, over-the-counter trading, and instant purchases, but denied that these services make its platform a securities exchange, clearing agency, or broker-dealer. Binance and Coinbase are also facing similar SEC allegations for allegedly violating federal securities laws by operating as unregistered broker-dealers, clearing agencies, or exchanges.
The SEC sued Kraken in November last year, seeking a permanent injunction against further violations of securities laws, as well as disgorgement of "ill-gotten gains" and other civil penalties. The SEC identified 11 tokens as unregistered securities: ADA, ALGO, ATOM, FIL, FLOW, ICP, MANA, MATIC, NEAR, OMG, and SOL.
