Lawyers for the cryptocurrency trading platform Kraken argued in their latest court filing that the US Securities and Exchange Commission's (SEC) argument is baseless and both sides are preparing for a hearing in June. In the court filing submitted on Thursday, Kraken's lawyers stated that the organization could not identify any investment contracts traded, brokered, or settled on Kraken. Kraken also claims that the organization did not meet the elements of the Howey Test. The Howey Test is a standard used to determine whether a particular transaction constitutes a securities offering, which was used in the SEC v. WJ Howey Co. case heard by the US Supreme Court in 1946.
Kraken renews effort to dismiss SEC lawsuit ahead of June hearing
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