US judge skeptical of Kraken's attempt to dismiss SEC lawsuit

Odaily Planet Daily News: U.S. District Judge William H. Orrick expressed doubts about Kraken's attempt to dismiss the U.S. Securities and Exchange Commission's (SEC) allegations against the crypto exchange and was inclined to reject the motion to dismiss the lawsuit between them. The judge believes that it is reasonable to offer and sell crypto assets as investment contracts. In response to Kraken's argument that the SEC exercises its power without congressional authorization, the judge said he did not think it was a big problem, saying it was "not a major expansion of regulatory power." The judge has asked Kraken and the SEC to provide disclosure information, adding that the investigation is expected to take about a year. (The Block)