Drops Kraken Lawsuit: No Penalties
Drops Kraken
Lawsuit: No Penalties
- Good news for Kraken! The SEC has agreed to drop its lawsuit, and get this—there will be no fines or changes to how they do business.
- Kraken is really pushing for a more solid and predictable set of rules. They believe this is what’s needed to help the digital asset economy grow responsibly.
Big development for Kraken! They announced on Monday that the US SEC has agreed to completely drop its lawsuit against the crypto exchange. And here’s the kicker: this dismissal is with prejudice, meaning it’s closed for good. The best part? No penalties for Kraken, no need to change their business operations, and they’re not admitting any wrongdoing.
You might remember that back in November 2023, Kraken found itself in the SEC’s crosshairs. The SEC had claimed that the exchange was acting as an unregistered securities exchange for years. They also accused Kraken of making a fortune—hundreds of millions, in fact—by facilitating trades of unregistered crypto securities.
But hold on, Kraken fired back in their statement today, arguing that this whole enforcement action was never about protecting investors. Instead, they believe it was a politically motivated move that misrepresented how their business actually works. Kraken sees this case as a prime example of the old “regulation-by-enforcement” approach, which they say is actually harming crypto innovation right here in the US.
“The SEC dropping its lawsuit against us, and others too, is way more than just a legal win—it’s a real game-changer for crypto’s future in the US,” Kraken declared. “This puts an end to a costly and politically charged campaign, clears away the uncertainty that was holding back new ideas and investments, and really opens the door for a steady, forward-thinking way to regulate things.”
The crypto exchange even gave a nod of approval to the “fresh leadership” at both the White House and the SEC, acknowledging their part in this dismissal. Looking ahead, Kraken says they’re ready to keep working with policymakers and regulators, aiming to create sensible rules that protect users while still allowing for exciting tech advancements.
“Having a regulatory framework that’s solid and predictable is what will really drive responsible growth, bring in investment, and make sure the US stays competitive in the global world of digital assets,” Kraken emphasized.
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