In an update on the ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Kraken, there was a recent legal ruling: Judge Orrick determined that the cryptocurrencies listed on Kraken are not considered securities. However, he raised the possibility that contracts related to their sale could be classified as such, which is a crucial distinction. This mirrors ongoing legal issues, like the Ripple Labs case involving XRP. As a result, Judge Orrick has decided that the matter should go to trial. Kraken's Response: Kraken’s Chief Legal Officer, Marco Santori, expressed relief on social media, emphasizing the court's decision that the tokens themselves are not securities. This case is part of the SEC’s broader effort to regulate the cryptocurrency industry, similar to past actions against Ripple Labs and other crypto entities. Kraken and the SEC are now required to submit a joint statement by October 8 to outline the trial schedule. The outcome could have significant implications for the regulation of cryptocurrencies.
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