The U.S. district judge expressed skepticism about Kraken's attempt to dismiss the SEC's charges against it

ChainCatcher news, according to The Block, U.S. District Judge William H. Orrick expressed skepticism about Kraken's attempt to dismiss the U.S. Securities and Exchange Commission (SEC) charges against the cryptocurrency exchange and is inclined to reject their motion to dismiss the lawsuit.

The judge found it reasonable to offer and sell crypto assets as investment contracts. Regarding Kraken's argument that the SEC is exercising power without congressional authorization, the judge stated that he does not consider this a major issue, calling it "not a significant expansion of regulatory power." The judge has requested Kraken and the SEC to provide disclosure information and added that the investigation is expected to take about a year.