Crypto Exchange Kraken’s Motion To Dismiss US SEC Case Denied !!

U.S. District Judge William H. Orrick has reportedly denied crypto exchange Kraken’s motion to dismiss the case brought against it by the Securities and Exchange Commission (SEC).

The judge ruled that the SEC was able to plausibly allege that at least some of the cryptocurrency transactions Kraken facilitates on its network constituted investment contracts.

This reportedly subjects them to securities laws. Interestingly, Kraken’s chief legal officer Marco Santori remained optimistic and interpreted the ruling as a “significant win for Kraken.”

He explained that the judge in Kraken’s case made the same distinction as in the Ripple case. That a token itself may not be a security, but the agreements around it could be.

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