A U.S. District Court has denied Kraken’s motion to dismiss a lawsuit filed by the Securities and Exchange Commission (SEC). The SEC alleges that Kraken’s staking-as-a-service program constitutes an unregistered securities offering, violating U.S. securities laws. Kraken argued that the SEC’s claims were unfounded, but the court ruled that the case should proceed, emphasizing the need for a trial to determine whether Kraken’s activities indeed violated the law. This decision represents a significant moment in the ongoing legal battles between cryptocurrency platforms and regulatory bodies.
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