Kraken counters SEC’s legal interpretation in dismissal motion

  • Article


Name

Kraken counters SEC’s legal interpretation in dismissal motion

Types

Article

Avatar

Claims from

On April 9th, 2024 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, Dealer, and Clearing Agency

Publish date

05

Month
/

10

Day
/

2024

Year

12

:

00

am

Publisher

Cointelegraph

Quotes from

The SEC initially sued Kraken in November 2023, alleging it unlawfully made millions of dollars from “crypto asset securities” transactions and provided “exchange, broker, dealer, and clearing agency” services without having registered with the agency “as required by law.” This was months after settling charges over Kraken’s former staking service. However, Kraken filed a motion to dismiss, contending that it establishes a “dangerous precedent” for the agency’s jurisdiction. In response, the SEC filed a 39-page opposition to Kraken’s motion to dismiss, saying, “It is simply not the case that this enforcement action exceeds the authority Congress granted the SEC.” In the Thursday, May 9 motion, Kraken contests the SEC’s claim that written contracts are required in investment agreements, emphasizing that contracts can be oral, expressed or implied.

Related entities

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

Related news stories

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

Web URL

https://cointelegraph.com/news/kraken-counters-sec-legal-interpretation-dismissal

Referenced by

On April 9th, 2024 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, Dealer, and Clearing Agency

Crypto

News event
Claim

The SEC initially sued Kraken in November 2023, alleging it unlawfully made millions of dollars from “crypto asset securities” transactions and provided “exchange, broker, dealer, and clearing agency” services without having registered with the agency “as required by law.” This was months after settling charges over Kraken’s former staking service. However, Kraken filed a motion to dismiss, contending that it establishes a “dangerous precedent” for the agency’s jurisdiction. In response, the SEC filed a 39-page opposition to Kraken’s motion to dismiss, saying, “It is simply not the case that this enforcement action exceeds the authority Congress granted the SEC.” In the Thursday, May 9 motion, Kraken contests the SEC’s claim that written contracts are required in investment agreements, emphasizing that contracts can be oral, expressed or implied.

Crypto

Quote