SEC Drops Lawsuit Against Kraken With No Penalities, Charges or Admission of Guilt

The U.S. Securities and Exchange Commission (SEC) is dropping charges once again in another high-profile crypto investigation.

According to Kraken, the second-largest US crypto exchange by volume, the SEC has agreed “in principle” to dismiss its lawsuit against the exchange.

Kraken says the SEC is dropping the lawsuit “with prejudice, with no admission of wrongdoing, no penalties paid and no changes to our business.”

According to Kraken, the SEC’s investigation was politically motivated and meritless.

Said Kraken of the SEC’s investigation last year,

“The SEC is moving in the wrong direction. Its theories in litigation are incoherent. We remain committed to doing what we believe is right for our community of clients and innovators. Our mission – accelerating the adoption of cryptocurrency so that everyone can achieve financial freedom and inclusion – remains central to everything we do.”

The exchange now says it looks forward to regulatory clarity from the new regime.

The announcement is the latest in a string of changes to the SEC’s crypto regulatory policies. In addition to the consolidation and creation of a new crypto task force, the Cyber and Emerging Technologies Unit (CETU), just last week, the SEC also dropped several other big-name investigations in February, including inquiries into Coinbase, Robinhood, Opensea and MetaMask.

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