2025-03-04
The U.S. Securities and Exchange
Commission (SEC) has decided to drop its lawsuit against Kraken cryptocurrency
exchange.
Kraken announced this on March 3,
calling the lawsuit a "wasteful and politically motivated campaign."
The company says this decision will help create clearer and fairer rules for
the crypto industry.
The SEC originally sued Kraken in
November 2023, claiming that it was acting as a broker, dealer, and exchange
without registering properly.
However, the case has now been
dismissed with no penalties, no admission of wrongdoing, and no changes to
Kraken’s business.
The SEC, led by Gary Gensler at the
time, had taken a strict approach to crypto regulation by suing or
investigating companies like Coinbase, Uniswap, and OpenSea.
Many in the industry criticized this
for slowing innovation and targeting legitimate businesses instead of real
fraudsters.
Since leadership at the SEC changed,
the agency has dropped several lawsuits and investigations against crypto
companies, including Coinbase, Consensys, Uniswap, OpenSea, Gemini, and
Robinhood.
This suggests the U.S. government may
be shifting its approach to crypto regulations.
Meanwhile, lawmakers are working on new
crypto laws.
On February 7, a bill was introduced to
regulate stablecoins and strengthen the U.S. dollar’s dominance. There is also
talk of a broader crypto regulation bill.
Additionally, former U.S. President
Donald Trump has expressed strong support for crypto.
He has proposed creating a national
crypto reserve that includes Bitcoin, Ethereum, XRP, Solana, and Cardano. He
will also be hosting the first-ever White House Crypto Summit on March 7.
These changes indicate that the U.S. government is moving toward clearer and more favorable regulations for the crypto industry.
