On September 13, CoinDesk reported that cryptocurrency trading platform Kraken has requested a jury trial in a lawsuit filed by the U.S. Securities and Exchange Commission (SEC), court documents showed on Thursday.
Last month, a California judge ruled that the SEC’s lawsuit against Kraken would proceed to trial. The ruling follows similar lawsuits filed by the agency against Binance and Coinbase, which also face allegations of violating federal securities laws by failing to register with the SEC as a broker-dealer, clearinghouse or exchange.
The SEC sued Kraken in the Northern District of California last November, asking the court to permanently injunct the trading platform from further securities violations and seeking the return of its "illegal gains" and other civil penalties. The regulator listed ADA, ALGO, ATOM, FIL, FLOW, ICP, MANA, MATIC, NEAR, OMG and SOL tokens as 11 unregistered securities.
In a court filing Thursday, Kraken reiterated its denials that it had engaged in illegal conduct, responded to every allegation in the SEC’s lawsuit and advanced 18 other defenses.
