U.S. federal court judge William H. Orrick dismissed the motion filed by Kraken Exchange to dismiss the U.S. Securities and Exchange Commission (SEC) lawsuit. The judge believed that the SEC "reasonably claimed" that some cryptocurrency transactions on the Kraken platform constituted investment contracts and were therefore securities and subject to securities laws. The SEC filed a lawsuit against Kraken in November 2023, accusing it of operating as an unregistered securities exchange, broker, and clearing agency. The lawsuit specifically mentioned that multiple tokens offered by Kraken, including Cardano's ADA, Cosmos' ATOM, Filecoin's FIL, and Solana's SOL, were considered securities. (TheBlock)

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