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Crypto exchange Kraken has filed a motion to dismiss the SEC’s lawsuit alleging an unregistered exchange operation and mishandling of customer assets. 
In a <a href="https://blog.kraken.com/news/sec-kraken-dismiss" target="_blank" rel="noopener">blog post</a> on Feb. 22, crypto exchange <a href="https://crypto.news/tag/kraken/" target="_blank" rel="noreferrer noopener">Kraken</a> said it had filed a motion to dismiss the U.S. Securities and Exchange Commission’s (<a href="https://crypto.news/tag/sec/" target="_blank" rel="noreferrer noopener">SEC</a>) lawsuit against it in a U.S. court, saying “crypto innovators in the United States should not have to fear retaliation for their political speech.” 
Having joined similar actions by other crypto firms like <a href="https://crypto.news/coinbases-one-third-revenue-at-stake-as-sec-battle-faces-dismissal-challenges/" target="_blank" rel="noreferrer noopener">Coinbase</a> and <a href="https://crypto.news/sec-files-opposition-to-binance-motion-to-dismiss/" target="_blank" rel="noreferrer noopener">Binance</a>, Kraken emphasized that current laws “do not adequately cover the digital asset industry, and that Congress could do more to put in place a set of rules to better protect consumers and investors.” 
<blockquote class="wp-block-quote"> 
 “Kraken testified that in any new set of crypto exchange rules, Congress should limit the SEC’s jurisdiction in favor of other agencies. The next day, the SEC called Kraken to say it was going to sue.” 
 Kraken 
</blockquote> 
 You might also like: <a href="https://crypto.news/kraken-started-requiring-users-from-uk-to-verify-their-self-custodial-crypto-wallets/"> Kraken started requiring users from the UK to verify their self-custodial crypto wallets </a> 
In November 2023, the U.S. watchdog <a href="https://crypto.news/sec-sues-kraken-crypto-exchange-due-to-illegal-operation/">accused</a> Kraken of operating an unregistered exchange and improperly handling customer assets, but Kraken denies these claims. The also SEC alleged that Kraken ran an unregistered exchange, commingled customer funds with its own, and used customer cash accounts for company expenses. 
However, Kraken argues that the SEC oversteps its authority by attempting to regulate all speculative investments. Moreover, the U.S.-headquartered crypto exchange says the SEC never pointed to any “contract” between buyers on Kraken and token issuers, which is why “there can’t be an ‘investment contract’.” The crypto exchange also notes the SEC “is moving in the wrong direction,” adding that its “theories in litigation are incoherent.” 
 Read more: <a href="https://crypto.news/us-law-enforcement-accounted-for-nearly-30-of-data-requests-in-2023-kraken-says/"> US law enforcement accounted for nearly 30% of data requests in 2023, Kraken says </a>

Kraken joins crypto exchanges battling SEC lawsuit, denies wrongdoing

crypto.news

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