JUST IN: SEC Decides to Drop Another Cryptocurrency Case

Cryptocurrency exchange Kraken announced in a statement that it has decided to drop the lawsuit filed against them by the SEC.

Kraken officials said in a statement:

“The SEC team has agreed in principle to dismiss its lawsuit against crypto exchange Kraken with prejudice, without admitting any wrongdoing, without paying any penalties, and without making any changes to our business.”

Kraken, one of the world’s leading cryptocurrency exchanges, called the decision a victory for justice and an important step toward regulatory clarity in the United States. In a statement posted on its blog, the company called the dismissal of the case “more than just a legal victory, it’s a turning point for the future of crypto in the United States.”

Kraken has long argued that the SEC’s lawsuit misrepresents its business practices and is part of a broader, politically motivated campaign. The company has argued that the case, along with other enforcement actions, creates unnecessary uncertainty in the industry and deters investment and innovation.

“This case was never about protecting investors; this and other enforcement actions have obscured the situation rather than brought clarity,” Kraken said. “Rather than engage in the difficult but necessary work of creating clear regulations, the SEC and previous government leaders have adopted a regulatory-enforcement approach that has hindered progress and put the U.S. at a disadvantage to other countries that encourage innovation.”

*This is not investment advice.