US SEC to drop another crypto lawsuit as approach towards market changes

The United States Securities and Exchanges Commission (SEC) has made another crypto-friendly move. The commission has agreed to drop its lawsuit against one of the leading US-based crypto exchanges – Kraken. In a blog post titled “A win for fairness”, Kraken announced,

“Today marks a pivotal moment for Kraken. The SEC staff has agreed in principle to dismiss its lawsuit against Kraken with prejudice, with no admission of wrongdoing, no penalties paid and no changes to our business.”

Notably, this is not the first crypto-related lawsuit the regulator has dropped. Over the past week, the SEC has forgone its legal battle against prominent crypto players, Coinbase and Consensys. The move seems to be in line with the broader shift in approach towards the crypto-markets with the US President taking the lead.

The story is still developing.