Kraken, the popular crypto exchange, is seeking to have the claims brought against it by the U.S. Securities and Exchange Commission (SEC) dismissed, in order to avoid causing a major disruption to the U.S. financial regulatory system. The dispute appears to center around whether the SEC has jurisdiction over the cryptocurrencies that Kraken has listed on its platform. In court filings submitted on Thursday, Kraken’s lawyers argued that the SEC’s enforcement action would result in a significant reorganization of the financial regulatory structure and should be debated in Congress rather than the courts. The SEC, on the other hand, maintains that it is simply following its Congressional mandate to enforce securities laws. This legal battle is set to be heard by Judge William H. Orrick on June 12.
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Kraken Asks Court to Dismiss SEC Claims to Avoid ‘Significant Reordering’ of U.S. Financial Structure
