Cryptocurrency exchange Kraken has filed a motion with the court requesting the dismissal of the lawsuit brought against it by the SEC. The SEC's complaint does not allege any fraud or consumer harm, but rather asserts that Kraken operates as an unlicensed securities exchange, broker, dealer, and clearing agency because cryptocurrencies are considered "investment contracts." Even if all of the SEC's allegations are true, its argument still has legal deficiencies. Kraken emphasizes that the SEC has never alleged the existence of any "contracts" between buyers on Kraken and token issuers, so it cannot constitute an "investment contract." According to the law, the assets mentioned in the SEC complaint are not investment contracts. For eighty years, the US Supreme Court and the Ninth Circuit Court of Appeals (where this case was filed) have consistently required the SEC to identify the contract when confirming the existence of an investment contract. Kraken further requests that the court dismiss the SEC's lawsuit because there are no contracts and no investment contracts. According to the famous Howey decision by the US Supreme Court, an investment contract must meet the following criteria: 1) investment of funds; 2) common enterprise; 3) expectation of profits through the efforts of others. The SEC has failed to prove any of these conditions in its allegations against Kraken. Kraken calls on the court to dismiss the case and return legislative power to Congress, upholding what it believes is right for its customers and the innovation community.