The US Securities and Exchange Commission (SEC) has agreed to drop its enforcement lawsuit against American crypto exchange Kraken. The SEC had accused Kraken of commingling customer and corporate funds while operating as an unregistered securities broker, clearing agency, and dealer. Kraken chose to fight the charges rather than settling, and a federal judge ruled that the SEC had a plausible case. Pending approval from the SEC's commissioners, the charges will be dropped with no admission of wrongdoing, no penalties paid, and no changes to Kraken's business. This comes as the SEC's new leadership moves away from "regulation by enforcement" and seeks to develop clear rules for the crypto industry. While the SEC has dropped several crypto cases, others, including those against Ripple and Cumberland DRW, are still ongoing.



Other News from Today