PANews reported on June 21 that Fox reporter Eleanor Terrett posted on the X platform that Kraken's hearing on the motion to dismiss against the U.S. Securities and Exchange Commission (SEC) will be held today at 1:00 p.m. Eastern Time (1:00 a.m. Beijing Time on June 21). The SEC accused Kraken of not registering as an exchange and broker, and claimed that 11 tokens including SOL, ADA and ALGO were securities. The SEC made the argument that the token "ecosystem" triggers the Howey test in the previous Coinbase hearing, and it is expected that the same argument may be used this time.
It is worth noting that by approving spot ETFs for Bitcoin and Ethereum, the SEC has implicitly considered BTC and ETH as commodities. However, SEC Chairman Gary Gensler has not yet publicly clarified the specific status of ETH.
