Kraken Fires Back At US SEC, Points To Legal Precedent
Summary
Kraken, the second largest US cryptocurrency exchange, has responded to the SEC's lawsuit, citing the Ripple case to challenge the SEC's claim that certain coins are "crypto asset securities." Kraken argues that the SEC has not established a direct connection between the issuers and buyers of these coins. The exchange has filed a motion of dismissal, contesting the SEC's assertion that it operates as an unregistered securities platform. This move is seen as a significant challenge to the SEC's case and could impact the legal dispute with Ripple. The SEC's broad interpretation of investment contracts and its attempt to expand its regulatory power are also under scrutiny.
