Kraken Seeks Jury Trial In Ongoing SEC Lawsuit

Key points

• Kraken seeks jury trial in ongoing SEC lawsuit, denying illegal conduct and challenging the SEC’s authority over its operations.
• A California Judge ruled last month that the SEC’s lawsuit against Kraken will proceed to trial.
• Kraken suggested action had been taken against it for exercising its First Amendment.

Kraken seeks jury trial in ongoing SEC lawsuit, denying illegal conduct and challenging the SEC’s authority over its operations, including listing 11 unregistered securities.

Kraken Seeks Jury Trial In Ongoing SEC Lawsuit

Kraken Requests Jury Trial in SEC Lawsuit, Presents Defense Kraken has formally requested a jury trial in the ongoing SEC lawsuit, arguing that it did not engage in illegal conduct and was never required to register as a broker, exchange, or clearinghouse. The SEC filed a lawsuit alleging that Kraken violated federal securities laws and listed 11 unregistered securities, including the ADA, MANA, and SOL tokens.

Kraken, however, disputes these claims, asserting that digital assets do not fall within the traditional definition of securities as outlined in the Securities Act and the Exchange Act. Kraken’s defense is based on the argument that its platform’s services, such as margin trading and over-the-counter desks, do not make it a securities exchange.

Kraken continues to accuse the SEC of acting without due process, claiming that the regulator lacks the authority to regulate its activities. The trial will proceed, with Kraken remaining steadfast in its legal defense.

Read more: Kraken SEC Lawsuit Allowed to Continue by Judge

Kraken Challenges SEC’s Authority in Securities Lawsuit

In its legal battle with the SEC, Kraken has challenged the agency’s authority to regulate digital assets, arguing that its platform’s operations do not qualify as securities trading. The SEC’s lawsuit, which listed 11 unregistered securities, has drawn a strong response from Kraken, which has argued that its services, including listing over 220 crypto assets, fall outside the SEC’s regulatory purview.

Kraken’s legal defense has focused on its interpretation of federal securities laws, arguing that the SEC has no authority to regulate digital assets or its platform. The company has denied any wrongdoing and accused the SEC of failing to provide fair notice regarding its regulations. As the case moves toward trial, Kraken is challenging the SEC’s efforts to enforce traditional securities rules in the burgeoning digital asset landscape.