Kraken’s legal team, led by attorney Michael O’Connor, criticized the SEC for attempting to dismiss their defenses in an ongoing legal battle. O’Connor condemned the SEC’s approach as an attempt to avoid discovery, arguing that their policies harm the economy. He expressed confidence that Kraken’s defenses would withstand scrutiny. The SEC filed a motion to dismiss Kraken’s defenses, arguing that the exchange had adequate warning about the possible classification of its crypto offerings as securities. The SEC initially filed a lawsuit against Kraken in November 2023, accusing the exchange of operating as an unregistered securities exchange.
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