#Write2Earn #TrendingTopic Kraken Files Motion to Dismiss
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the Ongoing SEC Lawsuit
Kraken, a leading cryptocurrency exchange, is
embroiled in a legal dispute with the United
States Securities and Exchange Commission
(SEC), contesting what it views as a precedent-
setting lawsuit that could significantly expand the
SEC's regulatory authority. On February 22,
Kraken filed a motion to dismiss the lawsuit in a
San Francisco federal court, arguing that the
SEC's interpretation of investment contracts lacks
a limiting principle and poses a threat to
commercial activity.
Kraken argues SEC's regulatory authority
At the heart of the SEC's allegations is the claim
that Kraken unlawfully profited from transactions
involving "crypto asset securities" and provided
various financial services without proper
registration with the agency. Kraken refutes these
accusations, asserting that the cryptocurrencies
traded on its platform do not meet the criteria
be considered investment contracts under U.S.
securities laws.