SEC Dismisses Lawsuit Against Kraken Without Penalties or Operational Changes
The United States Securities and Exchange Commission (SEC) has dismissed its lawsuit against the crypto exchange Kraken, with the case dropped with prejudice. This prevents the SEC from re-filing similar claims. Kraken will not face penalties or operational changes.
Key Points
- The SEC's lawsuit alleged Kraken operated as an unregistered securities exchange and mixed customer funds.
- Kraken considered the lawsuit baseless, asserting regulatory actions should be fact-based.
- This dismissal aligns with a trend of the SEC withdrawing from several high-profile crypto lawsuits, including those against Coinbase Global Inc. and Consensys.
- A new SEC crypto task force has been established to develop clearer regulatory guidelines for digital assets under President Trump's administration.
- The SEC previously pursued aggressive legal action against firms like Binance and Ripple Labs but is shifting focus towards policy development for regulatory clarity.
- Kraken aims to collaborate with lawmakers to create a framework that supports innovation while protecting consumers.
- Recently, Kraken secured an EU MiFID license to expand regulated crypto derivatives services.