A federal judge has denied Kraken’s request to dismiss the Securities and Exchange Commission’s (SEC) allegations that the company violated securities laws. Last November, the SEC accused Kraken of operating the cryptocurrency trading platform as an unregistered exchange, broker-dealer, and clearinghouse. The judge ruled that the SEC had made a plausible case that at least some cryptocurrency transactions on the Kraken network constituted investment contracts and therefore securities. The SEC alleges that Kraken offered more than 11 “securities” on its platform. The judge said a proposed trial schedule and date would be presented in October.
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