Kraken and the US Securities and Exchange Commission (SEC) remain embroiled in a dispute, as the crypto exchange filed a new document questioning the accuracy of the regulator’s case.
The development comes three months after Kraken filed a motion to dismiss the SEC’s lawsuit against it.
SEC’s Case Isn’t Worded Correctly
Kraken recently filed a response to the SEC’s April letter regarding the company’s motion to dismiss the case. In it, the exchange alleged that the securities regulator failed to identify any investment contracts that were traded, brokered, or settled on its platform.
The filing claims that the SEC used terms like “investment concept” and “ecosystem” instead of “investment contract” and “enterprise” in its argument.
The SEC had previously stated that “the words themselves do not delimit the security type because ‘the reach of the act does not stop with the obvious and commonplace,’” citing case law.
Kraken was accused of operating as an
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