The SEC’s dismissal of the case, revealed on Monday, marks a significant development in the regulator’s efforts to oversee crypto markets. Kraken had faced charges of functioning as an unregistered securities exchange, broker, dealer, and clearing agency, with the SEC claiming the platform traded at least 16 crypto assets deemed securities.
Kraken’s X post on Monday, March 3, 2025.
This lawsuit followed a February 2023 settlement in which Kraken paid $30 million and shut down its U.S. staking program after the SEC classified it as an unregistered securities offering. The latest case, however, centered on broader operational practices, alleging Kraken bypassed investor protections for years.
Kraken had previously contested the SEC’s claims, filing a motion to dismiss in early 2024 that argued the regulator overstepped its authority by labeling certain tokens as securities without clear guidelines. While the court initially allowed the case to proceed, Monday’s confirmation signals an unexpected resolution.
The dismissal coincides with recent leadership changes at the SEC, including the departure of Chair Gary Gensler, which has fueled speculation about a potential shift in enforcement strategy. Earlier this year, the SEC closed investigations into Coinbase and Robinhood, though it has not publicly commented on Kraken’s case.
Legal experts suggest the move could influence ongoing debates over crypto regulation, particularly how digital assets are classified. Kraken’s case had been closely watched as a benchmark for the SEC’s jurisdiction. Its closure may ease pressure on other exchanges facing similar scrutiny, but as of right now, there doesn’t seem to be many left.
The SEC’s decision avoids a protracted court battle but leaves unresolved questions about regulatory clarity for the crypto industry. Kraken, which denied wrongdoing, reiterated its commitment to compliance ever since the legal tussle started. The exchange continues operating globally, with no immediate changes to its services.
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