The American Securities and Exchange (SEC) commission agreed to delete its current trial against the American Crypto Exchange Kraken, according to an announcement on the company on Monday.
The SEC continued Kraken in November 2023, accusing the exchange of customer and business funds while operating as a broker in unregistered securities, compensation agency and reseller. Instead of settling with the dry, Kraken has chosen to fight against accusations, and a federal judge ruled that the agency had a plausible case and should be tried. Now, pending the approval of the SEC commissioners, Kraken says that the charges will be abandoned “with prejudice, without admission of reprehensible acts, without paid penalties and without modification to our company”.
Kraken’s victory intervenes while the SEC continues his large -scale retirement of cases and investigations to apply the cryptography that started during the mandate of former president Gary Gensler. The new management of the Commission indicated a distance from the so-called “application regulations” practiced by Gensler, and is committed to developing clear road rules for cryptographic industry.
“The DRA’s decision to reject its trial against us (and many others) is more than a simple legal victory – it is a turning point for the future of the crypto in the United States, it puts an end to an unnecessary and politically motivated campaign, raises an uncertainty that stifled innovation and investment, and erases the Monday blog path.
The SEC had previously filed the court to suspend its current affairs against Binance and the Tron Foundation, as well as their affiliated leaders and companies.
Although the dry drop in cryptographic cases like hot potatoes, all defendants are not yet out of hook. Several large companies, including Ripple and Cumberland DRW, the Crypto commercial branch of the commercial giant based in Chicago DRW, are still locked in legal battles with the regulator. And although many cryptographic probes of the SEC have been closed and will not lead to application charges – including the probes on Opensea, Gemini, Robinhood Crypto and Uniswap, others in Crypto.com, immutable and Unicoin remain open.
Read more: while the dry continues its Crypto litigation retirement, here is what is still pending
