Kraken Seeks Dismissal of SEC Lawsuit Ahead of June Hearing

May 10, 2024, 06:54 AM

The cryptocurrency exchange Kraken is actively seeking to dismiss a lawsuit brought by the U.S. Securities and Exchange Commission (SEC), ahead of a scheduled June hearing. The legal dispute centers around the SEC's allegations, which Kraken argues could lead to a significant reordering of the U.S. financial regulatory structure. The exchange has filed a motion in the Northern District of California, challenging the SEC's claims and arguing that the agency's case is improperly worded. Kraken's legal team contends that the SEC has failed to clearly define the investment contract involved in the accusations.