The SEC’s suit against Kraken has “has no limiting principle” and gives the agency too wide of an authority, the crypto exchange argues.
Crypto exchange Kraken has filed to dismiss a November lawsuit from the Securities and Exchange Commission, arguing it sets a “dangerous precedent” for the agency’s remit.
The SEC lawsuit alleged the exchange commingled customer funds and failed to register as a securities exchange, broker, dealer and clearing agencywith Kraken filing its motion to dismiss the suit on Feb. 22.
In an accompanying blog post, the crypto exchange stated:
