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Crypto exchange Kraken has joined the likes of Binance, Coinbase, and Terraform Labs, seeking to get an SEC lawsuit against it dismissed in court. Meanwhile, Web3 game Pixels has seen its valuation soar to nearly $3 billion shortly after its token, PIXEL, was listed on Binance and the European Central Bank is still cold on Bitcoin, despite recent exchange-traded fund (ETF) approvals in the U.S.

Kraken files to dismiss SEC suit citing ‘dangerous precedent’ for overreach
Crypto exchange Kraken has filed to dismiss a November lawsuit from the Securities and Exchange Commission, arguing it sets a “dangerous precedent” for the agency’s remit.

On Feb. 22, Kraken filed its dismissal motion to a San Francisco federal court. In an accompanying blog post, Kraken stated:

“The SEC’s theory is that there can be an investment contract with no contract, no post-sale obligations and no interaction at all between the issuer and the purchaser.”


The theory means it “has no limiting principle” and would grant the SEC “boundless authority over commerce and potentially open up the floodgates to private securities law claims,” it argued.

“It would turn a broad range of ordinary assets or commodities, like sports memorabilia, trading cards, expensive watches, or even diamonds, into securities,” added the firm.

The SEC sued Kraken last year, alleging it unlawfully made millions of dollars from “crypto asset securities” transactions and provided “exchange, broker, dealer, and clearing agency” services without having registered with the agency “as required by law.”

Pixels approaches $3B valuation following Ronin migration
Web3 game Pixels has seen its valuation eclipse $2.7 billion shortly after its token was listed on Binance — and months after migrating from Polygon to Sky Mavis’ Ronin blockchain.

The PIXEL token saw its value spike by 1,246% from its listing price on Feb. 19, bringing its total market capitalization to $2.65 billion. Per DappRadar data, the project currently has 538,850 wallets interacting with it, making it one of the most popular Web3 blockchain games.

Source - Coin Telegraph
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