Techub News reported that according to The Block, William H. Orrick, a judge at the U.S. District Court for the Northern District of California, tended to oppose Kraken's motion to dismiss the U.S. SEC's complaint against it. Orrick said at the hearing that "the provision and sale of crypto assets as investment contracts is credible." In addition, Orrick instructed Kraken and the U.S. SEC to provide information disclosure, and said that the information disclosure would take about a year.
Last November, the SEC sued Kraken’s parent company Payward and Payward Ventures, accusing them of operating an online trading platform. Kraken applied to dismiss the lawsuit in February this year. Since then, the attorneys general of eight U.S. states have filed an amicus brief, arguing that the SEC’s lawsuit exceeded the agency’s authority, while Kraken has submitted multiple documents arguing that the SEC failed to meet the elements of the Howey test.
