Crypto Exchange Kraken Files to Dismiss SEC Lawsuit Against It
Summary
Kraken filed a motion to dismiss the SEC's lawsuit, arguing that the SEC stretched the definition of a contract and did not allege fraud or consumer harm. Kraken claims that the cryptocurrencies listed in the complaint should be treated as commodities, not securities. It also argued that the SEC did not meet the requirements of the Howey Test and overstepped its jurisdiction. The SEC alleged that Kraken commingled customer and corporate funds, but Kraken did not address these allegations in its motion.
