In April 9th, 2024 filling to court Kraken argues that transactions on Kraken are blind bid/ask secondary market sales unaccompanied by any contractual terms that may have existed at the initial offering therefore are not investment contracts regulated by SEC

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In April 9th, 2024 filling to court Kraken argues that transactions on Kraken are blind bid/ask secondary market sales unaccompanied by any contractual terms that may have existed at the initial offering therefore are not investment contracts regulated by SEC

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05

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10

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2024

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12

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The transactions alleged to have occurred on Kraken are blind bid/ask secondary market sales of digital assets (governed by the 1934 Exchange Act), unaccompanied by any contractual terms or other obligations that may have existed at the initial offering (governed by the 1933 Securities Act)
When pressed to identify the securities in question, the SEC points to things that Kraken does not and could not trade, broker, or settle. Instead of identifying an investment contract, the SEC asks the Court to accept an “investment concept” as sufficient. Instead of identifying an enterprise, the SEC asks the Court to accept an “ecosystem.” But Kraken does not trade, broker, or settle “concepts” or “ecosystems.” The SEC never plainly alleges that what actually is traded, brokered, and settled on Kraken is itself an investment contract. This failure spotlights the fundamental problem with the SEC’s case. The only things that are alleged to be traded, brokered, or settled on Kraken are digital assets—which are not investment contracts.

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Kraken submits to U.S. court a reply to SEC April's letter against Kraken's motion to dismiss SEC case for Kraken operating as unregistered securities exchange, broker letter to dismiss SEC charges for acting as unregistered stock exchange, broker, clearing agent

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Kraken's reply memorandum to court in response to SEC letter in support to Kraken's motion to dismiss SEC case against Kraken for operating as unregistered securities exchange, broker, clearing agent

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Kraken's reply memorandum to court in response to SEC letter in support to Kraken's motion to dismiss SEC case against Kraken for operating as unregistered securities exchange, broker, clearing agent

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Kraken submits to U.S. court a reply to SEC April's letter against Kraken's motion to dismiss SEC case for Kraken operating as unregistered securities exchange, broker letter to dismiss SEC charges for acting as unregistered stock exchange, broker, clearing agent

Crypto

News story

The transactions alleged to have occurred on Kraken are blind bid/ask secondary market sales of digital assets (governed by the 1934 Exchange Act), unaccompanied by any contractual terms or other obligations that may have existed at the initial offering (governed by the 1933 Securities Act)

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