COURT RULES THAT NONE OF THE TOKENS TRADING ON KRAKEN ARE SECURITIES

Summary from the TLDR Crypto newsletter

The Federal Court for the Northern District of California ruled that none of the tokens on Kraken are securities and that the definition of SEC's “crypto asset security” is confusing and unclear. The case is proceeding to discovery, as agreements or contracts around a token could be considered a security. The SEC will have to prove that transactions on exchanges satisfy the Howey test, which is an arduous task to take across the industry.