Crypto exchange Kraken's lawyers argue in their latest court filing that the Securities and Exchange Commission's arguments don't hold weight as both sides are gearing up for a hearing in June. 

Kraken's lawyers said in a court document filed on Thursday that the agency has "not identified any investment contracts that were (or could be) traded, brokered, or settled on Kraken." 

Kraken also argued that the agency failed to satisfy elements of the Howey Test, a 1946 U.S. Supreme Court case frequently cited by the SEC, to determine if an asset qualifies as an investment contract and, therefore, a security.

In November, the SEC sued Kraken’s parent firms, Payward and Payward Ventures, for allegedly operating an online trading platform. In past court filings, the SEC has said the …