2024-05-13 05:24:18

Kraken Challenges SEC’s Interpretation of Investment Contracts in Recent Court Motion

Kraken’s motion outlines a critical distinction between the primary offerings conducted outside of its platform and the secondary market transactions that occur within it. The filing emphasizes that only digital assets, not investment contracts, are traded, brokered, or settled on Kraken. This distinction, according to Kraken, underscores a fundamental misunderstanding by the SEC of the digital asset transactions involved.

In addressing the application of the “investment contract” analysis, Kraken argues against the SEC’s approach, which it sees as conflating separate types of transactions to fit its regulatory agenda. The filing points to the need for a contract with post-sale obligations to classify a transaction as an investment contract, a requirement it argues is not met in the dealings on Kraken’s platform.

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