The US District Court for the Southern District of New York (SDNY) and the US District Court for the Northern District of California applied the Howey test in two noteworthy opinions on SEC crypto-asset securities actions against major US crypto exchanges Coinbase and Kraken. Both courts favored the reasoning of the SDNY under the Terraform Labs case over the SDNY’s Ripple Labs opinion, though the Kraken court expressed deference to Ripple.
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Federal Courts Weigh in on Crypto-Asset Securities Under Howey Test in Coinbase and Kraken Cases
