SEC wins in killing Kraken’s major questions doctrine defense
A judge has killed part of Kraken’s defense in a suit launched by the Securities and Exchange Commission that argued Congress hadn’t given the agency jurisdiction over crypto.
The US Securities and Exchange Commission has partially won its bid to throw out Kraken’s defenses, with a California federal judge nixing the exchange’s argument that Congress hadn’t given the regulator power over crypto.
Judge William Orrick said in a Jan. 24 order that he axed Kraken’s “major questions doctrine defense,” one of the three defenses the SEC petitioned to have thrown out in its case against the exchange, which accuses it of offering unregistered securities.
Judge Orrick said that the SEC wasn’t asserting a “highly consequential power beyond what Congress could reasonably be understood to have granted it.”
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Author: Stephen Katte
