Federal Judge Hints at Denying Kraken’s Motion to Dismiss SEC Case, Suggests Digital Assets May Be Securities

Lawyers representing Kraken and the United States Securities and Exchange Commission (SEC) argued in a federal court about whether digital assets on the Kraken exchange could be considered securities. At a June 20 hearing in the U.S. District Court for the Northern District of California, Kraken’s lawyer Matthew Solomon and SEC counsel Peter Moores presented their cases before Judge William Orrick. The hearing focused on a motion to dismiss filed by Kraken in February. Judge Orrick indicated he was “inclined to deny” the motion, suggesting it was “plausible” that digital assets were offered and sold as investment contracts on Kraken.

Source: CryptoIntelligence