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Cryptocurrency exchange Kraken has officially <a href="https://www.courtlistener.com/docket/68023155/91/securities-and-exchange-commission-v-payward-inc/" rel="noopener noreferrer nofollow">demanded</a> a jury trial in the ongoing lawsuit from the U.S. Securities and Exchange Commission (SEC). A California court had agreed to proceed with the trial last month. This new development also affects other major exchanges like <a href="https://cryptotale.org/binance-us-braces-for-extended-legal-battle-with-sec-report/" rel="noopener noreferrer nofollow">Binance</a> and <a href="https://cryptotale.org/judge-denies-gensler-subpoena-in-sec-vs-coinbase-dispute/" rel="noopener noreferrer nofollow">Coinbase </a>since they are accused of similar violations of federal securities laws.SEC&#39;s Allegations and Kraken&#39;s DefenseIn November, the SEC sued Kraken, <a href="https://cryptotale.org/secs-landmark-case-against-kraken-and-the-future-of-cryptocurrency-compliance/" rel="noopener noreferrer nofollow">claiming</a> the platform operated without proper registrations. It also said Kraken facilitated trading in what the agency deems unregistered securities. These include popular tokens like ADA, ALGO and SOL. The commission argues that such operations violate the Securities Act and the Exchange Act. Additionally the commission seeks to stop further violations and obtain disgorgement of profits.Related: <a href="https://cryptotale.org/krakens-fate-hangs-in-balance-as-sec-lawsuit-takes-unexpected-turn/" rel="noopener noreferrer nofollow">Kraken’s Fate Hangs in Balance as SEC Lawsuit Takes Unexpected Turn</a>Kraken refutes these allegations and states its operations do not violate securities laws. The digital assets in question do not meet the legal definition under the Howey Test which determines what constitutes an investment contract. Moreover, Kraken weighs on the defense that the SEC has not clearly stated how these digital assets are securities.Critiques on the Regulation FrontStuart Alderoty of Ripple <a href="https://x.com/s_alderoty/status/1834464168399044842" rel="noopener noreferrer nofollow">criticized</a> the SEC&#39;s term &#34;crypto asset securities.&#34; He calls it a huge regulatory overreach and underlined the contradictions in the SEC&#39;s approach. Paul Grewal of Coinbase, too, pointed out inconsistencies in the SEC&#39;s previous claims against XRP. This situation shows the challenges the crypto industry faces due to unclear regulations.<a href="https://cryptotale.org/kraken-demands-jury-trial-in-sec-suit-dismisses-allegations/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Kraken Demands Jury Trial in SEC Suit, Dismisses Allegations

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