The post The SEC agrees to dismiss its lawsuit against Kraken without penalties appeared first on Optimisus.
Kraken announced on Monday that the US SEC has agreed to dismiss its lawsuit against the crypto exchange. This dismissal is with prejudice, meaning the case is permanently closed. There are no penalties, no required changes to Kraken’s business, and no admission of wrongdoing.
The SEC filed the lawsuit in November 2023. They claimed that Kraken exchange had been operating as an unregistered securities exchange for years. The SEC also alleged that Kraken earned hundreds of millions by trading unregistered crypto securities.
In its statement, Kraken argued that the enforcement action was not about protecting investors. Instead, they described it as a politically motivated campaign that misrepresented their business model. Kraken believes the case was part of an outdated approach that harms innovation in the US crypto market.
Kraken stated that the SEC’s decision to dismiss the lawsuit is more than a legal win. They see it as a turning point for the future of crypto in the United States. The dismissal ends a campaign they consider wasteful and politically driven. It also removes uncertainty that has hindered innovation and investment in the sector. Kraken believes this clears the way for a stable and forward-thinking regulatory environment.
The exchange expressed approval of the new leadership in the White House and the SEC for their role in the dismissal.
The post The SEC agrees to dismiss its lawsuit against Kraken without penalties appeared first on Optimisus.
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