A major relief news has come out for the Crypto Exchange Kraken. The US Securities and Exchange Commission (SEC) has decided to withdraw the ongoing trial against KRAKEN without any penalty. After this decision, the SEC case is permanently terminated, which is considered a major victory for the KRAKEN and the entire crypto industry. This is part of the process of Dedication SEC to either release, reconcile, or postpon cases against major crypto exchanges such as coinbase and binance and Hex founder Richard Center, which is under Trump Administration.
Recently, a statement of Brian Armstrong was also revealed, in which it was said, that Will withdraw case against sec coinbaseSimilarly, SEC has now withdrawn the case against KRAKEN, in which SEC accused KRAKEN that he was working as an unnatural security exchange and was trading Crypto Securities without registration.
SEC suit and kraken’s response
SEC filed a case against KRAKEN in November 2023, alleging that it had earned hundreds of million dollars by trading unregistered securities. However, KRAKEN has consistently denied these allegations and said that the issue was raised due to political reasons, not keeping in mind the safety of investors. Kraken believed that SEC’s charge incorrectly presents his business model and the purpose of SEC was to harm the Crypto industry.
KRAKEN has considered SEC withdrawing the case as a major victory and described it as a big achievement for the Crypto industry. The company also said that this is a step against the Decision SEC’s old “Regulation-by-E-Affourment” (following rules just from the legal battle), which has also hindered investment and innovation in the US. KRAKEN says that this decision increases the expectation of stable and clear regulators for the Crypto industry in Future.
New Administrative Directions and Regulatory Reforms
KRAKEN has credited the decision to the new leadership in the US White House and SEC. The company believes that the government and the regulatory institution will now adopt a positive and creative approach for the Crypto industry. KRAKEN said in its statement that this is a new twist for the Decision Crypto Industry, which eliminates the unnatural legal battles and highlights the need for a stable regulatory environment to promote investors and innovations. There itself Binance and sec case put off for 60 days Gaya, which indicates that the new leadership in the American White House and SEC is now being taken in all the old cases.
KRAKEN also reiterated his commitment and said that, he will work closely with policy-makers and regulators in Future to prepare clear guidelines that promote response to response and also ensure the safety of investors. After this decision, the expectations of trust and investment in the Crypto industry may reopen and it can move the American Crypto market towards a new direction.
Conclusion
The decision by SEC to withdraw the trial against KRAKEN without any penalty has proved to be an important victory for the Crypto industry. This step is a sign of change in a positive direction not only for KRAKEN, but also for the entire American Crypto Space. Elimination of SEC’s old and controversial “Regulation-by-E-Angel” approach, it highlights the need for stable and clear regulatory framework for the Crypto Market in the Dissence Future.
This victory of KRAKEN also shows that new thinking and direction regarding crypto rules in the US, which can create balance between investors’ safety and innovation. If the government and the regulatory institution take steps in the right direction, it can bring positive results not only for the American Crypto market but also for digital assets at the global level.
