Kraken case judge: It will take some time to carefully study the matter and does not want to hear any thoughts about "significant principle issues."

ChainCatcher news, Judge Orrick, who presided over the hearing on Kraken's motion to dismiss by the U.S. Securities and Exchange Commission (SEC), stated at the end of the hearing, "It will take some time to carefully consider the matter, and I don't want to hear any thoughts about 'significant principle issues.'"

At the beginning of the hearing, Orrick expressed agreement with the SEC's arguments after reading two briefs and asked Kraken's lawyer if they could change their mind.

After listening to the discussions from the lawyers involved in today's litigation proceedings, industry insiders indicated that a reasonable guess is that Orrick will allow the matter to enter the investigation phase. Similar to the Coinbase case, the SEC's threshold for proving they have at least some reasonable legal basis to continue suing Kraken is very low.