Crypto exchange Kraken filed a motion in federal district court late Thursday, asking that the court dismiss the SEC’s case filed in November.

“The law is clear,” a Kraken spokesperson told Decrypt. “None of the assets in the SEC’s complaint constitute ‘investment contracts,’ and Kraken is not a securities exchange.”

The motion, filed in Northern California District Court, picks apart the SEC’s most recent claims—which came nine months after the agency and Kraken reached a settlement over prior allegations related to crypto staking.

”The SEC never alleges the contract that an ‘investment contract’ requires,” Kraken argues. ”An investment contract must include post-sale obligations running from issuer to purchaser, which are not alleged—[and] the SEC cannot otherwise satisfy any Howey element.

“There is no ‘investment of money,’ there is no ‘common enterprise,’ [and] there is no ‘reasonable expectation of profits’ from the efforts of others,” Kraken continues.

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Author: Ryan Kawailani Ozawa

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