Kraken Has Requested a Jury Trial in its Lawsuit Against the SEC
Cryptocurrency exchange platform Kraken has requested a jury trial in the lawsuit filed by the U.S. Securities and Exchange Commission (SEC), according to court documents filed Thursday, as reported by CoinDesk.
Last month, a judge in California ruled that the SEC's lawsuit against Kraken would proceed to trial. This ruling came after the agency filed similar lawsuits against Binance and Coinbase, which also face charges of violating federal securities laws for failing to register as brokers, clearing agencies, or exchanges with the SEC.
The SEC sued Kraken in the Northern District of California in November, seeking to permanently bar the platform from further violating securities laws, and seeking the return of its "illegal profits" and other civil penalties. The regulator listed ADA, ALGO, ATOM, FIL, FLOW, ICP, MANA, MATIC, NEAR, OMG, and SOL tokens as the 11 unregistered securities.
In the court documents filed Thursday, Kraken reiterated its stance denying it engaged in any illegal activity, responding to each allegation in the SEC lawsuit, and raising 18 other defenses.