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The new SEC leadership is determined to swiftly turn around the nightmarish years faced by cryptocurrency investors. In the past, seeing SEC and cryptocurrency mentioned together often signaled the emergence of yet another legal case against digital assets. Today, however, the situation is quite different, as it marks the dismissal of a new cryptocurrency lawsuit.
Kraken Reaches Settlement
The SEC has reached an agreement with the Kraken exchange to conclude the ongoing lawsuit. This follows previous actions against Coinbase, Uniswap, and several other cases and investigations. With the new management, the SEC has decided to abandon its efforts to regulate the cryptocurrency platform like a traditional exchange, leading to the dismissal of the lawsuit.
Details of the Case
The lawsuit, initiated in November 2023, accused the company of acting as an unregistered broker, dealer, and clearing agency without SEC registration. It also claimed that Kraken mixed its customers’ crypto assets and fiat currencies with its own assets, which raised significant concerns after the FTX collapse.
Both parties will refrain from filing new lawsuits or seeking any penalties. Last week, the SEC dismissed lawsuits against Coinbase Global and Consensys, as well as numerous investigations targeting cryptocurrency companies. These actions represent the ongoing efforts of the cryptocurrency task force, which has been discussing critical details regarding the issues facing the industry for weeks.
