The U.S. Securities and Exchange Commission (SEC) has officially announced that its civil enforcement actions against major cryptocurrency firms Kraken, Consensys, and Cumberland have been dropped.
In separate filings, the SEC said it has reached joint agreements with Payward Inc. and Payward Ventures Inc. (collectively known as Kraken), Consensys Software Inc. and Cumberland DRW LLC to dismiss the lawsuits with prejudice. The SEC explained that the decision was based not on the merits of the allegations in the respective lawsuits but on a broader effort to reform and refresh its regulatory stance.
The SEC emphasized that the dismissal of these enforcement actions does not constitute a change in its position with respect to other pending cases. “The Commission’s decision to dismiss this action does not necessarily reflect the Commission’s position with respect to any other cases,” the agency said.
The lawsuits were part of the SEC’s general crackdown on the crypto industry, which has seen it take numerous enforcement actions against prominent firms. However, this latest development suggests a potential recalibration of its legal strategy, likely influenced by industry pressure and regulatory discussions.
*This is not investment advice.
