🔥Hot off the press! Crypto exchange Kraken is pushing back against SEC claims, requesting a U.S. court to dismiss the lawsuit. The crux of the matter? Whether the SEC has jurisdiction over the cryptocurrencies Kraken listed.👀

Kraken argues that cryptos should be treated like commodities, not securities. The SEC, however, insists it's not "assuming new powers" and that it's just following its Congressional mandate.🏛️

Kraken's defense hinges on the Howey test, which determines what is and isn't a security. They argue that the SEC can't satisfy Howey's requirements, and any attempt to do so would result in a "significant reordering" of the U.S. financial regulatory structure.🔍

A hearing is scheduled for June 12. What's your take on this? Is the SEC overstepping its bounds or just doing its job? Let's get the conversation going!👇 #CryptoNews #Kraken #SEC

(Contributor: Nikhilesh De)