Federal Judge Rejects Kraken Bid To Appeal Decision In SEC Case
A California federal judge has rejected a bid by crypto exchange Kraken to appeal his decision to let the company’s lawsuit with the US Securities and Exchange Commission (SEC) proceed. In a Nov. 18 order , Judge William Orrick dismissed Kraken’s motion for an interlocutory appeal. He stated that he determined the SEC has “adequately alleged” that the cryptocurrencies traded and sold on Kraken’s platform qualified as investment contracts under the Howey test and are therefore subject to securities laws. Kraken Argues Cryptos On Its Platform Don’t Meet The Requirements Of The Howey Test The Judge’s order comes after Kraken asked for permission to appeal the August rejection of its motion to dismiss. Kraken’s legal team argued that there was “substantial ground for difference of opinion” regarding securities laws which a higher court could answer to potentially resolve the case early. Kraken also questioned whet...