Kraken Faces SEC Lawsuit as Court Upholds Crypto Securities Claims

Kraken Faces SEC Lawsuit as Court Upholds Crypto Securities Claims

A U.S. District Judge has ruled that Kraken, a major cryptocurrency exchange, must face a lawsuit filed by the Securities and Exchange Commission (SEC), rejecting Kraken’s attempt to have the case dismissed. On August 23, Judge William H. Orrick of California found the SEC’s argument—that certain blockchain transactions on Kraken’s platform are investment contracts under the Howey Test—to be plausible. The lawsuit, initiated by the SEC in Nov...

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