Home
Crypto News
Market
US SEC Officially Ends Cases with Kraken, Cumberland, and Consensys
The US SEC has continued its newfound course of rectifying its approach toward the digital assets industry after dropping lawsuits against multiple crypto firms.
On Thursday, the US Securities and Exchange Commission filed a joint stipulation to dismiss fresh cases against three major crypto firms. The top regulator disclosed that it is dropping its litigation against Kraken, Cumberland, and Consensys.
The joint stipulation shows an agreement between the SEC and the firms to dismiss the case with prejudice, marking the end of the legal proceedings. This also comes without any settlements or fees, with the defendant and the commission independently bearing legal costs.
Screenshot of the Joint Stipulation
SEC Intensifies Efforts for Clarity
Meanwhile, the Thursday lawsuit dismissal trails several other litigations the SEC has dropped lately amid its pursuit for clarity under US President Donald Trump. The regulator has officially ended its case against Coinbase, and dropped investigations into OpenSea, Robinhood, and Uniswap, among others.
Under acting chairperson Mark T. Uyeda, the commission stressed the irrelevance of these litigations, which former boss Gary Gensler mostly filed. The agency stated it has created a crypto task force to create a regulatory framework for digital assets; hence, it finds the dismissal appropriate.
Nonetheless, the US SEC emphasized that its dismissal of the case does not in any way reflect its stance on any of the lawsuits. However, it is part of its resolution to pursue a more pragmatic approach in handling the nascent industry.
Furthermore, it follows a broader adoption of cryptocurrency in the United States. President Trump has vowed to make America the world capital of digital assets and AI, promising to dismantle the former administration’s regulatory war against the industry.
Lawsuit Politically Motivated: Kraken
Notably, the dismissal drew comments from involved crypto firms, who expressed satisfaction over the latest SEC efforts. Prominent crypto exchange Kraken noted that the move was pivotal for the firm and the broader crypto industry.
However, it branded the lawsuit a “wasteful, politically motivated campaign” by the former administration against the industry. Nonetheless, Kraken appreciated the new administration and the White House’s forward-thinking approach toward digital assets.
Cumberland also used a tone similar to Kraken, adding that it would continue collaborating with the regulator to ensure compliance.
Tags
Exchanges News SEC
