Kraken Fights Back SEC Lawsuit, Argues Cryptos Are Commodities And Not Securities



Cryptocurrency exchange Kraken has made a move to dismiss a lawsuit filed against it by the Securities and Exchange Commission (SEC).

What Happened: The SEC had previously sued Kraken in November, alleging that the exchange did not register as a broker, clearinghouse, or exchange and accusing the company of mixing customer and corporate funds. The lawsuit was filed in the Northern District of California.

In its motion to dismiss, Kraken argued that the cryptocurrencies listed in the SEC’s complaint should be treated as commodities, not securities, reported CoinDesk.

The exchange stated that the SEC did not allege fraud or consumer harm, only that Kraken operated as …

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