SEC Cancels Lawsuits Against Major Crypto Firms
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The United States’ Securities and Exchange Commission (SEC) has dismissed legal actions against three major crypto assets companies—Kraken, ConsenSys, and Cumberland DRW LLC. This decision, made on Thursday, is final, meaning the cases cannot be reopened. In the same manner, the regulator also closed its case against Crypto.com. This move underscores a shift in U.S. crypto regulation under the new Trump administration, similar to previous case dismissals involving Coinbase, Robinhood, Uniswap Labs, and OpenSea.
SEC Ends Investigation Into Immutable
As part of the recent trend, the SEC also dropped its investigation into Web3 gaming company Immutable. The probe began in October 2024 when the U.S. regulator issued a Notice concerning possible securities law violations relating to Immutable’s IMX token.
However, after five months, the SEC has decided not to take any legal action. This aligned with the dismissed case against Coinbase.
To this end, the acting SEC Chairman Mark T. Uyeda stated that these decisions are part of efforts to create clearer and more transparent crypto policies. The SEC also clarified that these dismissals do not indicate a shift in its stance on other ongoing cases.
Impact on the Crypto Industry
The dismissed cases have been seen as a win for the crypto industry. Kraken, in a statement, called the SEC’s previous actions a “wasteful, politically motivated campaign” and said the resolution removes uncertainty that could have harmed innovation and investment. In the same statement, the firm also dropped a hint concerning the likelihood to go public, imitating Coinbase’s footsteps.
These decisions come after tough legal battles. Kraken had faced charges for operating as an unregistered exchange, ConsenSys was accused of illegally offering securities through MetaMask Staking and Cumberland DRW was sued for handling over $2 billion in crypto without proper registration. Under Chairman Uyeda, the SEC is now taking a more collaborative approach, engaging with the crypto sector instead of focusing solely on enforcement.
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