{"id":41642,"date":"2024-11-19T07:46:15","date_gmt":"2024-11-19T07:46:15","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/california-judge-rejects-krakens-bid-for-interlocutory-appeal\/"},"modified":"2024-11-19T07:46:15","modified_gmt":"2024-11-19T07:46:15","slug":"california-judge-rejects-krakens-bid-for-interlocutory-appeal","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/california-judge-rejects-krakens-bid-for-interlocutory-appeal\/","title":{"rendered":"California Judge Rejects Kraken\u2019s Bid for Interlocutory Appeal"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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Kraken\u2019s Argument for Appeal Falls Short<\/h2>\n

Kraken, the second-largest crypto exchange in the U.S., filed for an interlocutory<\/a> appeal in September. This type of appeal challenges a judge\u2019s non-final decision while other parts of the case proceed. The appeal followed Judge Orrick\u2019s August ruling, where he determined the SEC had plausibly argued that certain cryptocurrencies sold on Kraken\u2019s platform could qualify as securities under the Howey Test.<\/p>\n

In its motion, Kraken contended that Orrick\u2019s ruling raised \u201ca controlling question of law\u201d and that an immediate appeal could \u201cmaterially advance the termination of the litigation.\u201d However, Judge Orrick disagreed, asserting in his Monday ruling that such appeals are \u201centirely discretionary\u201d and that granting one would not accelerate the case\u2019s resolution.<\/p>\n

\u201cWhile the SEC has plausibly alleged its theory of securities violations against Kraken, only discovery will establish whether the sales, trades, and exchanges on Kraken truly met all the Howey elements,\u201d<\/em> Orrick stated. He emphasized that a full evidentiary record was required to reach a conclusion.<\/p>\n

The SEC initiated legal action against Kraken in November 2022, alleging that the exchange operated as an unregistered securities exchange, broker, dealer, and clearinghouse. The agency is seeking disgorgement, civil penalties, and permanent injunctions against the crypto platform. Kraken, maintaining its innocence, previously moved to dismiss the case, but Orrick denied that motion in August.<\/p>\n

With discovery now a crucial next step, the SEC\u2019s allegations will undergo closer scrutiny. Kraken\u2019s legal battle highlights the increasing regulatory pressure on crypto exchanges in the U.S.<\/p>\n

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(Originally posted on : Crypto News – iGaming.org ) Kraken\u2019s Argument for Appeal Falls Short Kraken, the second-largest crypto exchange in the U.S., filed for an interlocutory appeal in September. This type of appeal challenges a judge\u2019s non-final decision while other parts of the case proceed. The appeal followed Judge Orrick\u2019s August ruling, where he […]<\/p>\n","protected":false},"author":35,"featured_media":41643,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/41642"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=41642"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/41642\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/41643"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=41642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=41642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=41642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}