In the legal dispute between Kraken and the US SEC, Judge William Orrick has indicated that he may reject the exchange's motion, stating that crypto assets may be sold on the platform as securities. Kraken's lawyers have refuted the SEC's claim that it is part of a "securities ecosystem," arguing that it should not be treated differently. The judge has not made a final ruling, but has indicated a tendency at the hearing, stating that the discovery phase will be completed within a year.

The SEC filed a lawsuit against Kraken in November 2023, and Kraken reached a $30 million settlement with the SEC earlier. Although the case did not directly involve Ethereum (ETH), the SEC's investigation into Ethereum was closed and it was deemed a commodity.