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Crypto Exchange Kraken Files to Dismiss SEC Lawsuit Against It

The U.S. Securities and Exchange Commission didn't allege fraud and stretched the definition of a contract in its lawsuit against Kraken, the exchange said in a motion to dismiss the case Thursday. The crypto company moved to kick out the SEC's lawsuit, filed in the Northern District of California, arguing that cryptocurrencies – at least, those listed in the SEC's complaint – should be treated like commodities and not securities. The SEC sued Kraken last November, alleging it did not register as a broker, clearinghouse or exchange and saying the company commingled customer and corporate funds, months after settling charges over Kraken's former staking service.

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