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Crypto exchange Kraken has requested a jury trial to contest the SEC’s allegations that it operated as an unregistered securities exchange.
Crypto exchange <a href="https://crypto.news/tag/kraken/" target="_blank" rel="noopener noreferrer nofollow">Kraken</a> has requested a jury trial in response to a lawsuit filed by the U.S. Securities and Exchange Commission, a court filing <a href="https://www.courtlistener.com/docket/68023155/91/securities-and-exchange-commission-v-payward-inc/" target="_blank" rel="noopener noreferrer nofollow">revealed</a> on Thursday, Sept. 12.
Kraken’s court filing argues against the <a href="https://crypto.news/tag/sec/" target="_blank" rel="noopener noreferrer nofollow">SEC</a>‘s claims, asserting that the regulatory body has overstepped its authority. The exchange also claims the regulator’s approach lacks due process and fails to specify which transactions on its platform constitute investment contracts.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “The SEC has no authority to regulate Kraken’s digital asset trading platform […] because the digital assets are not securities or investment contracts, and sales of the digital assets on Kraken do not form the basis of investment contracts, within the meaning of the exchange act.”
 Kraken
</blockquote>
Despite Kraken’s efforts to engage with the SEC, the agency’s stance remains firm, as evidenced by its similar lawsuits against Binance and Coinbase. The SEC’s actions have been criticized by Kraken for lacking clarity and fairness, with the exchange demanding a “jury trial for all issues so triable.”
The move follows a California judge’s <a href="https://crypto.news/sec-lawsuit-against-kraken-to-proceed-ruling/" target="_blank" rel="noopener noreferrer nofollow">decision</a> in late August, allowing the SEC’s case against Kraken to proceed. The SEC’s lawsuit, <a href="https://crypto.news/crypto-analyst-blasts-kraken-lawsuit-as-secs-money-grab-criticizes-attacks-on-ada/" target="_blank" rel="noopener noreferrer nofollow">initiated</a> in November 2023, accuses Kraken of operating as an unregistered securities exchange, broker, dealer, and clearing agency, citing over 10 tokens, including Cardano (<a href="https://crypto.news/price/cardano/" target="_blank" rel="noopener noreferrer nofollow">ADA</a>), Algorand (<a href="https://crypto.news/price/algorand/" target="_blank" rel="noopener noreferrer nofollow">ALGO</a>), Polygon (<a href="https://crypto.news/price/polygon/" target="_blank" rel="noopener noreferrer nofollow">POL</a>), and Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noopener noreferrer nofollow">SOL</a>), among others, as unregistered securities.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/kraken-coinbase-form-blockchain-council-to-develop-crypto-security-standards/"> Kraken, Coinbase form blockchain council to develop crypto security standards </a>

Kraken seeks jury trial to challenge SEC’s securities charges

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