In another bold move (not a surprise), the SEC has freed Kraken from its Gensler clutches. Let's find more.

Lawsuit against Kraken dropped

     The US Securities and Exchange Commission (SEC) dropped its case against cryptocurrency exchange Kraken with prejudice, signalling a significant shift in the continuing regulatory landscape around crypto platforms. 

Winner is Kraken

     In November 2023, the SEC under Gary, filed a lawsuit against Kraken, claiming that the company functioned as an unregistered securities exchange, broker, dealer, and clearing agency. Kraken stood firm, it did not admit wrongdoing or paid any penalty. Now, the case against Kraken cannot be resumed. As a result, the lawsuit's dismissal is viewed as a major victory for Kraken.

The crypto industry is moving forward

     The clemency for Kraken is part of the SEC's accommodating approach to the US crypto business; the agency has previously abandoned numerous high-profile litigations and investigations, including those against Coinbase, Gemini, and OpenSea. With Trump's proclamation of strategic reserves, these industries will put in their own efforts, perhaps making the United States a crypto hub.

Originally published at Wubits as thread