“Fundamentally, I do not believe that certification will materially advance the ultimate termination of the litigation,” Orrick wrote. “While the SEC has plausibly alleged its theory of securities violations against Kraken, only discovery will establish whether the sales, trades, and exchanges on Kraken truly met all the Howey elements… A complete record is necessary to answer those questions. Certification at this stage would only delay resolution.”

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Author: Cheyenne Ligon