Yes, and the SEC sued them in COURT so they can make their case that they are securities and Kraken can make the case they aren’t. Isn’t this what Kraken wanted?
They will only win if you are violating labor law. Why is that so hard for you to understand. If they hadn’t violated labor law they would have appealed and won. And here you are 26 years later trying the case again on a “silly web forum”.