SEC Ends Complaint Against Kraken
Kraken declared a civil lawsuit accusing the company of functioning as an unregistered securities exchange got dismissed by the Securities and Exchange Commission.
The tier 1 crypto exchange announced no penalties were paid, no admission of wrongdoing, and no adjustments were made to the company’s business practices
The case against Kraken was brought in November 2023, when former SEC Chair Gary Gensler was in office and eager to include cryptocurrencies under his agency’s purview.
There has been a change in the regulatory approach to cryptocurrencies since the start of President Donald Trump’s second term. Paul Atkins, a Washington attorney well-known for his pro-digital asset views, is Trump’s nominee to chair the SEC.
Kraken sees the SEC’s decision to drop the case as a major turning point for cryptocurrencies in the US. The business claimed the ruling ended a wasteful, politically driven campaign that impeded investment and innovation.
The industry has recently seen several successes as SEC investigations into companies like Coinbase and Robinhood have been dropped.
SEC lawsuits have even failed against industry titans OpenSea and Uniswap Labs.
The Kraken platform is among the oldest and most reputable in its field. It provides services that include trading hundreds of cryptocurrencies, staking, and derivatives.
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