DeFi

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
A prominent legal expert known as "Metalawman" on X provided an update on the recent <a href="https://u.today/kraken-v-sec-whats-new-in-legal-saga" rel="noopener noreferrer nofollow">SEC v. Kraken</a> hearing, which took place in federal court in San Francisco.
Yesterday, an oral argument was held on Kraken’s motion to dismiss the SEC’s enforcement action. Kraken’s dismissal motion focuses on Howey and contends that the SEC failed to plead that any securities transactions occurred on the Kraken platform.
Kraken garnered lots of amicus support for its motion, with Senator Lummis, Blockchain Association, DeFi Education Fund, Chamber of Digital Commerce, Investor Choice Advocates Network, Paradigm and two admin law scholars filing briefs.
<blockquote>
 SEC v. Kraken Hearing Update.The hearing on Kraken's motion to dismiss just concluded in federal court in San Francisco.Before any argument, the Judge declared he was inclined to follow the rulings of Judges Rakoff &amp; Failla--and deny the motion to dismiss.I don't think he…— MetaLawMan (@MetaLawMan) <a href="https://twitter.com/MetaLawMan/status/1803861341373108402?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 20, 2024</a>
</blockquote>
The recently held court hearing, which centered on Kraken's motion to dismiss, concluded with a notable declaration from Judge William Orrick. Before any arguments were presented, Judge Orrick stated his inclination to follow the rulings of Judges Rakoff and Failla, indicating a likely denial of Kraken's motion to dismiss.
Metalawman <a href="https://x.com/MetaLawMan/status/1803861341373108402" rel="noopener noreferrer nofollow">observed</a> that the arguments made during the hearing did not seem to sway Judge Orrick's initial mindset. This development implies that the Kraken case might likely proceed to years of costly discovery, akin to the ongoing Ripple case.
Adding a layer of historical context, Metalawman noted that Judge Orrick's uncle served as a commissioner of the SEC in the 1950s. This familial connection to the <a href="https://u.today/sec-issues-urgent-crypto-scam-warning" rel="noopener noreferrer nofollow">SEC</a> adds an interesting dimension to the judge's current role in the case.
The decision to deny the motion to dismiss might suggest that Kraken could face an extended legal battle with the SEC, entailing significant resources and prolonged scrutiny. As the case unfolds, it will be closely watched by the cryptocurrency community and legal experts, given its potential implications for the regulatory landscape of digital assets.

SEC v. Kraken: Key Takeaways From Latest Court Session

U_Today

2024년 6월 21일에 게재된 다른 기사

How to Make Money Online Safely and Easily, MAR Mining Teaches You How to Make $1,000 a Day Using...

Dogecoin Bears Return: Indicators Point To More Losses In DOGE

Worldcoin Price: Is Nvidia’s Rocketing Stock Sparking AI Crypto Boom?

BlockDAG Declared The Future Crypto Powerhouse After $52.5M Presale Success, Transcending XRP And...

Advisor Roger Stone Denies Donald Trump’s Involvement in Launching DJT Memecoin

Brett Challenger Base Dawgz Closes On $2 Million In Presale — The Next 100x Meme Coin?

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!