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News Explorer — Kraken Files Motion to Dismiss SEC Case, Says Agency Is Trying to ‘Commandeer’ the U.S. Economy

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Feb 23, 1:37 am
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Kraken Files Motion to Dismiss SEC Case, Says Agency Is Trying to ‘Commandeer’ the U.S. Economy

Crypto exchange Kraken has filed a motion in federal court to dismiss the SEC's case against them, arguing that none of the assets in the complaint constitute "investment contracts" and that Kraken is not a securities exchange. Kraken's argument aligns with the Crypto Freedom Alliance of Texas, which has also filed a lawsuit against the SEC over its definition of regulated securities. If the SEC's broadened scope stands, it would give the regulator expansive new authority over the U.S. economy.

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