According to BlockBeats, on August 24, Cointelegraph reported that the U.S. District Court for the Northern District of California rejected the cryptocurrency trading platform Kraken’s request to dismiss the SEC lawsuit in its ruling on August 23.
Previously, the SEC accused Kraken of operating an unregistered securities trading platform. The court held that the SEC's allegations that certain cryptocurrency transactions on the Kraken platform constituted investment contracts were reasonable. The final ruling of the case has not yet been made. However, Kraken's legal director Marco Santori said that it would prove that these transactions did not meet the requirements of the Howey test.