SEC Drops Kraken Lawsuit Amid Crypto Enforcement Shift
The Securities and Exchange Commission (SEC) has agreed to file a lawsuit against Kraken, marking a major reversal of its crypto-enforcement approach.
This decision is in a broader shift. In the past week, the SEC has dropped at least six lawsuits and legal lawsuits against cryptocurrency companies, including Coinbase and metamask.
SEC VS. Claken is finally over
this litigation In response to Kraken filed in November 2023, allegations are operating as an unregistered stock exchange, broker, dealer and clearing agency.
The SEC claims that Kraken allows transactions of crypto-asset securities without proper registration, thus depriving investors of the necessary protections such as auditing, disclosure and oversight.
Kraken denied the allegations and argued that the SEC had failed to determine whether digital assets should be classified as securities.
The transaction has regulatory uncertainty and lack of impartial notice as a motion to dismiss the case. A federal judge allowed part of Claken’s defense to continue, but the SEC continued to file a claim.
“The SEC’s decision to dismiss the lawsuit against us (and many others) is more than just a legal victory – a turning point for the future of crypto in the U.S., ending a wasteful, politically motivated campaign that raises uncertainty, identifies innovation and investment, and clears the path of stable, forward-looking regulators,” he said. Write in its official statement.
The agency’s decision to dismiss the lawsuit reflects a changing position on crypto enforcement. Over the past week, it quietly retreated Multiple legal lawsuits against major crypto companies.
No longer SEC’s encryption enforcement
In addition to Coinbase and Kraken, the committee also gave up Explore Geminimetamask, OpenseaTron Foundation, Robinhood, etc. Regulators also see failures in specific crypto cases that actually want to pursue.
On weekends, SEC loses key cases against Richard’s heartfounder of hexadecimal and pulse machines.
The shift is intensified by pressure from lawmakers and industry leaders criticizing the SEC’s aggressive regulatory approach. Although it is The current commissioner objected to the dismissal of these legal proceedingsit seems that the organization will no longer adopt active law enforcement.
“We beat the SEC! Congratulations to the best legal team in cryptocurrencies. Fight and beating – The SEC was not foreseeable. Lawyers, lobbyists and everyone in between…we have to make money.”
Kraken’s victory may set a precedent for other crypto companies facing similar lawsuits. The decision to abandon these cases marks a recalibration of the SEC strategy, raising questions about how crypto regulation will develop in the coming months.
As of now, Ripple XRP Litigation For the committee, this is the only major crypto case that is still active. But, given that Donald Trump has Includes XRP in his U.S. crypto reserve planthis lawsuit may be dismissed in the same way.
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