On March 3, cryptocurrency exchange Kraken revealed that the U.S. Securities and Exchange Commission (SEC) has agreed to withdraw the lawsuit filed against it. This move ends what the exchange described as a "resource-wasting politically motivated action" and "clears the way for establishing a stable and forward-looking regulatory framework."
Kraken stated that the lawsuit has been dismissed, and Kraken does not need to admit any wrongdoing, pay fines, or make any adjustments to its business. It is reported that the SEC sued Kraken in November 2023, accusing the exchange of acting as a broker, dealer, exchange, and clearing agency without registering with the SEC.
Related: President Trump claims that cryptocurrency reserves will cover Bitcoin, Ethereum, Solana, Ripple, and Cardano.
Under Gary Gensler's leadership, the SEC has favored regulatory enforcement, suing or investigating various cryptocurrency companies, including Coinbase, Uniswap, and the non-fungible token market OpenSea, for various reasons. This approach has faced widespread criticism in the industry, as it is seen to stifle innovation and harm legitimate crypto companies without focusing on punishing wrongdoers.
The SEC's latest move may reflect a changing environment in the U.S. government's approach to cryptocurrency regulation. Kraken stated in its case announcement: "This case was never about protecting investors—it, along with other enforcement actions, has not clarified issues but rather created more confusion. It targets an emerging industry that has repeatedly called for clear rules."
Since the leadership change at the SEC, the agency has withdrawn or is rumored to withdraw several lawsuits and investigations that began during Gensler's tenure. On February 27, the SEC dropped its lawsuit against Coinbase. Previously, it had also withdrawn lawsuits or investigations against Consensys, Uniswap, OpenSea, Gemini, and Robinhood.
This move comes as the U.S. adjusts to improve transparency in digital asset regulation. On February 7, U.S. lawmakers introduced a stablecoin bill to strengthen the dollar's dominance. Lawmakers may also propose a more stringent universal cryptocurrency regulatory bill than FIT21.
Related: Solana price drops 45% after Trump token launch, with meme coins possibly diverting funds.
Additionally, there are other positive factors: U.S. President Donald Trump has expressed a desire to make the U.S. the "global cryptocurrency capital" and announced the establishment of a cryptocurrency strategic reserve plan consisting of Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Solana (SOL), and Cardano (ADA). Trump is reportedly set to host the first White House cryptocurrency summit on March 7.
Related: Atlanta Federal Reserve Bank model predicts a 2.8% contraction in Q1 GDP, potentially leading to a "Trump decline."
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