The US Securities and Exchange Commission (SEC) has been criticized by Kraken’s legal team for trying to dismiss important defenses raised by the exchange in their ongoing legal battle. The SEC’s motion to dismiss Kraken’s “fair notice” and “major questions doctrine” defenses was filed on Nov. 5. The agency argues that this is necessary to streamline the discovery process and prevent the exchange from repeatedly revisiting the same issues.
However, Kraken’s attorney, Michael O’Connor, has stated that the SEC’s approach is an attempt to avoid discovery into the agency’s inconsistent and flawed policies, which he believes harm the American economy. O’Connor also raised questions about the timing of the SEC’s motion, which came on the day of the US midterm elections.
The SEC initially filed its lawsuit against Kraken in November 2023, accusing the exchange of operating as an unregistered securities exchange, broker, dealer, and clearing agency.
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