A California judge dismissed Kraken's appeal motion, arguing it would only prolong the SEC lawsuit.
Appeal Rejected
Judge William Orrick rejected Kraken's attempt for an interlocutory appeal in the lawsuit initiated by the Securities and Exchange Commission. Orrick stated that certifying the appeal would merely delay the case's resolution.
Kraken's Arguments
The case began in November 2023 when the SEC filed a lawsuit against Kraken for allegedly operating as an 'unregistered securities exchange, broker, dealer, and clearing agency.' After a motion to dismiss was denied in September 2024, Kraken argued against SEC's allegations, asserting that cryptocurrencies do not qualify as securities.
Future Course of Case
The judge emphasized the plausibility of the SEC's arguments that Kraken's assets qualify as securities. The case will continue with further legal discussions in court.
The denial of the appeal means that the process will move forward, requiring parties to focus on essential legal arguments.
