The Securities and Exchange Commission “agreed in theory” to cut its lawsuit against Kraken, the company announced Monday.
The change, which is based in San Francisco, claimed in a blog post that there had been no “acknowledge of crime, no fines paid, and no changes to our business” with regard to the 2023 complaint against the trade.
It puts an end to a useless, politically motivated campaign, eases uncertainty that repressed innovation and investment, and pave the way for a steady, forward-thinking regulatory framework, according to the announcement.
Related new actions have been made to put an end to complaints or studies against a number of crypto stalwarts, including Coinbase, Robinhood, OpenSea, and Uniswap Labs.
When reached out to the SEC early on Monday, the SEC declined to comment on the matter.
In February 2023, the SEC, a guardian of Wall Street, initially sued Kraken, alleging that the change had violated securities laws by failing to register the crypto property staking-as-a-service program’s present and selling.
The regulator sued the company once more in November of the same year for “operating Kraken’s crypto trading platform as an unregistered securities exchange, broker, dealer, and clearing agency.” The exchange settled the lawsuit by paying a$ 30 million fine.
According to Kraken, that complaint is the one the SEC has essentially agreed to ignore. As was the situation with the Coinbase lawsuit that was actually dismissed last Friday, commissioner approval may be required to finish.
The SEC targeted a number of leading American crypto exchanges during the Biden administration, primarily for allegedly selling unlicensed stocks.
However, the regulator appears to be more lenient with regard to digital assets now that Donald Trump has taken office, and he has also criticized the police style of the previous administration.
edited by Andrew Hayward
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