PANews reported on August 24 that according to Cointelegraph, according to court documents on August 23, the U.S. federal court rejected the motion of the cryptocurrency exchange Kraken to dismiss the lawsuit filed by the U.S. Securities and Exchange Commission, which accused Kraken of operating an unregistered securities exchange.

According to the opinion of the U.S. District Court for the Northern District of California, "the SEC reasonably alleges that at least some of the cryptocurrency transactions conducted by Kraken on its network constituted investment contracts and therefore were securities subject to the securities laws." "The court reaffirmed that the nearly 80-year-old framework for identifying securities remains applicable regardless of the label used," an SEC spokesperson said in a statement. "Investors in crypto assets offered or sold as securities should receive the same protections as other securities investors, even if they trade through an intermediary."

In November 2023, the SEC charged Kraken with “operating a cryptocurrency trading platform as an unregistered securities exchange, broker, dealer, and clearing organization.”