Kraken Demands Jury Trial in SEC Lawsuit

According to CoinDesk, court documents reveal that cryptocurrency exchange Kraken has requested a jury trial in the lawsuit filed against it by the U.S. Securities and Exchange Commission (SEC). Kraken reiterated its denial of any wrongdoing, responding to each allegation in the SEC complaint and raising an additional 18 defenses.

Kraken has never registered with the SEC because it was never required to do so and does not consider itself an exchange, broker-dealer, or clearing agency under the Securities Exchange Act.

In November 2022, the SEC filed a lawsuit against Kraken in the Northern District of California, seeking a permanent injunction against the platform's further violation of securities laws, the forfeiture of "ill-gotten gains," and other civil penalties. The SEC classified 11 tokens—ADA, ALGO, ATOM, FIL, FLOW, ICP, MANA, MATIC, NEAR, OMG, and SOL—as unregistered securities.