Key takeout
- The SEC has agreed to dismiss the lawsuit against Kraken without penalties or changes to business operations.
- Kraken highlighted the need for a stable regulatory framework to promote responsible growth in the digital asset economy.
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Kraken said Monday that the US SEC agreed to dismiss the lawsuit against a crypto exchange with bias. This means that the fines are permanently closed, there are no penalties, no changes to the business, and no recognition of fraud by Kraken.
“SEC staff have generally agreed to dismiss the lawsuit against Kraken on prejudice, not admitting fraud, paying fines, and making changes to our business,” Kraken announced.
The company characterized the SEC lawsuit as misrepresenting its business model and proposed an incident that “is not related to investor protection.” According to Kraken, the crypto industry's enforcement measures “fogged” restrictions “instead of being clarified.”
“This dismissal lifts that cloud of uncertainty, reaffirming that companies like Kraken, which prioritize compliance and consumer protection, should not be subject to arbitrary-agreeable legal battle,” the company said.
Crypto Exchange has expressed its approval of their role in “new leadership in both the White House and the Committee” and its termination. Kraken said he will continue to work with policymakers and regulators to establish protection guidelines while promoting technological advancements.
“A stable, predictable regulatory framework promotes responsible growth, attracts investment and ensures that the US remains competitive in the global digital asset economy,” Kraken said.
A story in development.
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