The US stock and securities commission. (SEC) agreed to eliminate its ongoing execution demand against American Crypto Exchange Kraken, according to a company’s Monday ad.
The SEC demanded Kraken in November 2023, accusing the exchange of combining client and corporate funds while it operates as an unregistered stock corridor, compensation and distributor agency. Instead of establishing himself with the SEC, Kraken decided to fight the charges, and a federal judge ruled that the agency had a plausible case and should go to trial. Now, waiting for the approval of the SEC commissioners, Kraken says that the charges will be withdrawn “with prejudice, without admission of irregularities, without paid sanctions and without changes in our business.”
Kraken’s victory occurs when the SEC continues its large -scale retirement of the cases of application of cryptocurrencies and investigations that began during the mandate of former President Gary Gensler. The new leadership of the Commission has indicated a departure from the so -called “application regulation” practiced by Gensler, and has pledged to create clear road rules for the cryptographic industry.
“The decision of the SEC of dismissing its lawsuit against the US. (And many others) is more than a simple legal victory: it is a turning point for the future of cryptography in the US Monday blog.
The SEC had previously presented in the Court to stop its ongoing cases against Binance and the Tron Foundation, as well as its affiliated executives and companies.
Although the sec is dropping encryption boxes as hot potatoes, not all defendants are still out of the hook. Several important companies, including Ripple and Cumberland DRW, the Cryptogue trade arm of the DRW commercial giant based in Chicago, are still locked in legal battles with the regulator. And although many of the Criptographic probes of the SEC have closed and will not result in application charges, including Onsae, Gemini, Robinhood Crypto and Unisswap, others on Crypto.com, immutable and unicoin remain open.
Read more: As the SEC continues its withdrawal of cryptographic litigation, this is what is still outstanding
