The US Securities and Exchange Commission (SEC) has agreed to overthrow the ongoing case of implementation against the American Crypto Exchange Kraken, according to An announcement on Monday From the firm.
The SEC accused Kraken in November 2023, accusing the commingling customer and corporate funds while operating as an unregistered securities broker, clearing agency and dealer. Instead of organizing the SEC, Kraken chose to fight the charges, and a federal judge decides that the agency has something that can happen and should go to the trial. Now, waiting for the approval from the SEC commissioners, Kraken said the charges will be lowered “with caution, without acknowledging the wrongdoing, without a penalty and no change in our business.”
Kraken’s victory came as the SEC continued its entire contraction from Crypto implementation cases and investigation that began during the time of former chairman Gary Gensler. The new commission leadership has indicated the departure of the so -called “regulation by implementation” conducted by Gensler, and has pledged to make clear road policies for the crypto industry.
“The SEC’s decision to delete its lawsuit against us (and many more) is more than a legal success-it is a point of turning for the future of crypto in the US is ending with a waste, political motivation campaign, raising uncertainty that has stifled change and investment, and cleans the path to a steady, courage Post on Monday.
The SEC has previously filed in court to pause on ongoing cases against Binance and the Tron Foundation, as well as their affiliate executives and companies.
Although the SEC drops crypto cases such as hot potatoes, not all defendants are still in the hook. Many major companies, including the Ripple and Cumberland DRW, the chicago-based Giant Crypto trade arm, are still locked in legal against the regulator. And while many of the SEC’s crypto provisions are closed, and will not result in implementation charges – including probes to Opensea, Gemini, Robinhood Crypto and Uniswap, others at Crypto.com, will not change, and Unicoin remains open.
Read more: As the SEC continues its crypto litigation retreat
