(Bloomberg) -- The war of words between Kraken and the US Securities and Exchange Commission continued with a new filing by the crypto exchange that argues the agency’s case isn’t even worded correctly.

Kraken filed a reply Thursday to the SEC’s April letter on the company’s motion to dismiss the case, alleging that the agency failed to identify “any investment contracts that were (or could be) traded, brokered or settled on Kraken.” The filing states that the SEC used the terms investment “concept” and “ecosystem” instead of “investment contract” and “enterprise” several times in its argument.

In its April filing, the SEC noted that “the words themselves do not delimit the security type because ‘the reach of the act does not stop with the obvious and commonplace,’” quoting case law. 

The SEC charged Kraken in November with operating an unregistered a broker, dealer, exchange, and clearing agency. The agency made similar allegations in its cases against Binance Holdings and Coinbase Global. In February of 2023, Kraken, whose parent company is Payward Inc., settled separate charges brought by the SEC against its staking business.

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