In his ruling, Judge Orrick emphasized the importance of completing discovery, stating, 'A complete record is necessary to answer those questions. Certification at this stage would only delay resolution.' This statement underscores the necessity of a thorough examination of facts, asserting that a higher court's immediate intervention would hinder, rather than expedite, the legal process.
Orrick pointed out, 'While the SEC has plausibly alleged its theory of securities violations against Kraken, only discovery will establish whether the sales, trades, and exchanges on Kraken truly met all the Howey elements.' This highlights the importance of further investigations to clarify the nature of Kraken's operations.
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