“Kraken’s Investment Concept Sparks Debate with US SEC”

Kraken, the cryptocurrency exchange, has submitted a response letter to the U.S. Securities and Exchange Commission (SEC) regarding the motion to dismiss the case against the company in April. The letter argues that the SEC failed to identify “any investment contracts being traded, intermediated, or settled on Kraken.” It points out that the SEC repeatedly used terms such as “investment concept” and “ecosystem” instead of “investment contracts” and “enterprise” in their arguments. The SEC has continued to file new documents against the cryptocurrency exchange, suggesting that their case lacks proper wording.