This week, the U.S. Securities and Exchange Commission (SEC) withdrew its claims against several cryptocurrency companies, including Kraken, Consensys, and Cumberland DRW, closing the cases with prejudice and precluding any future refiling.
SEC Ends Disputes with Kraken
On March 3, Kraken announced the SEC's decision to dismiss their case without imposing fines or demanding operational changes. Kraken described this move as ending a 'wasteful campaign' that hindered innovation and investment.
Consensys and MetaMask Case
The SEC filed a case against Consensys in June 2024 for allegedly illegal securities offerings through the MetaMask platform. In late February 2024, the commission withdrew its claims, which Consensys founder Joseph Lubin accepted without further disputes.
Cases Against Cumberland DRW and Others
Earlier in March, the SEC withdrew its case against Cumberland DRW, previously charged for operating unregistered. Additionally, cases against other key market participants, including Coinbase and Ripple, were concluded.
After Gary Gensler resigned as SEC chair, acting chair Mark T. Uyeda has promised a more transparent crypto policy. This could signal a change in regulation approach in the industry.
