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Highlights
- The US SEC has agreed to drop the Kraken lawsuit with prejudice, meaning it cannot be refiled.
- The Commission will dismiss the case without Kraken having to admit any wrongdoing, pay any penalty or alter its operations.
- Kraken stated that this marks a turning point for the future of crypto in the US.
In another major development for the crypto industry, the US Securities and Exchange Commission (SEC) has agreed to drop the Kraken lawsuit with prejudice. This comes just days after the Commission dropped the Coinbase lawsuit with prejudice.
US SEC Agrees To Drop Kraken Lawsuit With Prejudice
The US SEC has agreed in principle to dismiss the Kraken lawsuit with prejudice, meaning that the Commission won’t be able to refile the case again. The crypto exchange made this revelation in a press release, noting that the SEC will dismiss this case with no admission of wrongdoing, no penalties paid, and no changes to its business.
The top crypto exchange stated that the SEC’s decision to drop the lawsuit is more than just a legal victory but also a turning point for the future of crypto in the US. The company added that the dismissal of the Kraken lawsuit also ends a wasteful, politically motivated campaign, lifts uncertainty that stifled innovation and investment, and clears the path towards a stable, forward-thinking regulatory regime.
The exchange also appreciated the new leadership at the White House and the Commission, which led to this change. Kraken claimed that their “bold and thoughtful” leadership will lead to a new era of crypto innovation.
This latest development continues the SEC’s hot streak of dropping crypto lawsuits and investigations. Last week, the Commission notably dropped cases against Gemini, Consensys, Robinhood, and Uniswap. The court also ordered that the Coinbase lawsuit was dismissed with prejudice following an agreement between the agency and the crypto exchange.
Coinbase Files FOIA Request Against SEC
Amid the SEC’s agreement to dismiss the Kraken lawsuit, Coinbase has submitted an FOIA request asking the Commission to explain how much its war on crypto costs taxpayers. The exchange’s Chief Legal Officer (CLO) Paul Grewal said they hope to find out how many investigations and enforcement actions were brought and how much they cost.
He remarked that they intend to use the FOIA request to discover how many employees worked on these investigations and enforcement actions and how much the Commission paid them. The request also seeks to determine how many third-party contractors the SEC used in these investigations and enforcement actions and how much it paid them.
Grewal mentioned that his firm also wants to know more about the previous SEC’s infamous “Crypto Assets and Cyber Unit” within the Enforcement Division, including its budget, the number of employees working in the unit, and the cost per hour.
The Coinbase CLO assured that they will never stop fighting for government transparency on behalf of their customers and the industry. He admitted that it may take time to get the full picture but assured that they will do what it takes for as long as it takes.
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