One attorney's take:

it really seems like the SEC is just using this as a second bite of the apple. It filled in SF, which is governed by the 9th Circuit. CB was filed in NYC, which is governed by the 2d Circuit

Additionally, Judge Fallia, the CB case judge, has shown in the @Uniswap case that she’s willing to take an honest look at crypto and recognize how in many cases US securities laws don’t apply to crypto.

If the SEC loses CB, it’ll be much harder to then win on appeal (and CB has shown a willingness to take this case to SCOTUS). That would create “good” crypto law in the 2d Circuit.

This case allows the SEC to take another swing with relatively worse facts (at least as alleged in the complaints), potentially draw a more sympathetic judge, and create “bad” crypto law in the 9th Circuit.

This all just seems part of SEC Chair Gensler’s war of attrition against crypto.
I hope Kraken decides to marshall its resources and fight this head on.
Enough is enough.

https://nitter.salastil.com/Orlando_btc/status/1726750676309712970