The SEC claims that Kraken operated without proper authorization as a trading platform, broker, and clearing agency.
The SEC also says Kraken did not handle customer information and funds properly.
Judge William H. Orrick refused to dismiss the case against Kraken.
He stated that the SEC has strong reasons to believe that some of the cryptocurrencies traded on Kraken might be considered securities.
This means they would be subject to securities laws.
The SEC filed the lawsuit on November 20, 2023.
The agency says Kraken made over forty-three million dollars between 2020 and 2021 by charging trading fees and allowing almost unrestricted buying and selling of assets.
The SEC also argues that certain cryptocurrencies, like Cardano’s ADA, Cosmos’s ATOM, Filecoin’s FIL, Solana’s SOL, and Near Network’s NEAR, could be considered securities that Kraken offered.
Since Kraken’s request to dismiss the case was denied, the lawsuit will now proceed in court.
THEBLOCK

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