Kraken has intensified its clash with the US SEC. It fired back a reply to the agency’s April letter, as the company had asked the court to dismiss the case. Kraken points out that the SEC has not identified any specific investment contract traded, brokered, or settled on its platform. It also underlines the agency’s incorrect use of terminologies, using ‘Investment Concepts’ and ‘Ecosystem’ instead of ‘Investment Contracts’ and ‘Enterprise’. The exchange signifies the SEC’s lack of precision to the alleged wrongdoing. Kraken’s filing also suggests that the explanation provided is insufficient and does not address the issue of identifying specific investment contracts.