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Home»ADOPTION NEWS»Kraken is making another effort to get the SEC lawsuit dismissed ahead of a June hearing.
ADOPTION NEWS

Kraken is making another effort to get the SEC lawsuit dismissed ahead of a June hearing.

By Crypto FlexsMay 12, 20243 Mins Read
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Kraken is making another effort to get the SEC lawsuit dismissed ahead of a June hearing.
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Lawyers for cryptocurrency exchange Kraken argued in a recent court filing that the Securities and Exchange Commission’s (SEC) arguments are unconvincing as both sides prepare for a hearing in June.

Kraken’s lawyers said in court documents filed Thursday that they “have not identified any investment agreements that have been (or are possible) traded, brokered or settled by Kraken.”

Kraken also argued that the agency failed to meet the elements of the Howey test. It’s a 1946 U.S. Supreme Court case that the SEC often cites to determine whether assets qualify as investment contracts, or securities.

Last November, the SEC be sued Kraken’s parent company, Payward, and Payward Ventures are accused of operating an online trading platform. In past court filings, the SEC said the exchange “posed a risk to its customers.” Kraken dismissed the lawsuit. february.

A hearing to discuss Kraken’s motion to dismiss the SEC’s lawsuit is scheduled for June 12 at 2 PM ET.

written contract

The SEC also said in April that it had refuted Kraken’s argument that investment agreements require written contracts. filing. Kraken’s lawyers, meanwhile, said they did not say a written contract was needed.

“The word ‘written’ does not appear anywhere in Kraken’s filing, nor does Kraken suggest that a written contract is required,” Kraken’s lawyers said in a court filing Thursday.

Kraken’s lawyers also applied the “leading question rule” in its most recent filing. This principle, often cited by cryptocurrency companies, states that agencies must obtain explicit congressional approval to decide on matters of national importance. The SEC argued that it was not “being granted new authority.”

“The SEC’s assertion of new authority means that new technologies extend beyond the scope of traditional securities laws,” the SEC said in a filing in April. “Congress does not need to enact custom laws for each new technology that emerges.”


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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