Kraken Fights Back SEC Lawsuit, Argues Cryptos Are Commodities And Not Securities
Portfolio Pulse from Mehab Qureshi
Cryptocurrency exchange Kraken is seeking to dismiss an SEC lawsuit, arguing that cryptocurrencies are commodities, not securities. The SEC had sued Kraken for operating without proper registration, but Kraken contends that the SEC's claims don't meet the Howey Test criteria for securities. Kraken also accuses the SEC of overstepping its jurisdiction without clear Congressional authorization.
February 23, 2024 | 5:58 am
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NEUTRAL IMPACT
Bitcoin's price was mentioned as trading at $51,050, up 0.35% over the past 24 hours. The outcome of Kraken's legal battle with the SEC could influence Bitcoin's classification and regulatory approach, potentially impacting its market dynamics.
While the article directly mentions Bitcoin's current price, the ongoing legal dispute between Kraken and the SEC indirectly impacts Bitcoin by potentially affecting its classification as a commodity or security. The outcome could influence regulatory approaches and market sentiment towards Bitcoin, but the immediate price impact is uncertain, hence a neutral score.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70