The U.S. Securities and Exchange Commission (SEC) has agreed in principle to drop its lawsuit against the Kraken exchange.
The cryptocurrency trading platform described this as "a pivotal moment" for the industry since it "lifts uncertainty" and "clears the path" for a favorable regulatory regime in the country.
"We beat the SEC! Congratulations to the best legal team in crypto. Fighting - and beating - the SEC was not foretold. Lawyers, lobbyists, and everyone in between... We had to earn it," Marco Santori, senior advisor at Kraken, said.
As reported by U.Today, the SEC also recently dismissed its widely covered lawsuit against US exchange giant Coinbase as part of its major crypto policy overhaul.
Similarly to Coinbase, Kraken will not face even a slap on the wrist, with the SEC dropping the case without imposing any penalties or charges against the prominent cryptocurrency company.
Last week, as reported by U.Today, the SEC also ditched its lawsuit against Ethereum developer Consensys.
The massive rollback of cryptocurrency enforcement is happening under the leadership of Active Chairman Mark Uyeda.
Dan Burgin
Vladislav Sopov