A California judge has denied Kraken’s request for an interlocutory appeal to challenge a prior ruling regarding the application of securities law to cryptocurrencies traded on its platform. The judge, William Orrick, stated that allowing the appeal would only delay the ongoing case brought by the U.S. Securities and Exchange Commission (SEC). Kraken filed the motion in September after Orrick ruled that the SEC had plausibly alleged that certain cryptocurrencies sold on Kraken could be classified as securities, based on the Howey Test. Kraken's lawyers contended that the judge's decision involved significant legal questions deserving of immediate appellate review, but the judge disagreed, emphasizing the need for expedited resolution of the case.

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