SEC to dismiss legal battle against Kraken

Top cryptocurrency exchange Kraken says the Securities and Exchange Commission (SEC) agreed to dismiss a civil lawsuit accusing it of illegally operating and making millions in the US.

The SEC case alleged Kraken functioned as an unregistered securities exchange and made hundreds of millions of dollars while ignoring securities laws.

Kraken called the move a victory for the crypto industry, saying it ended a politically motivated crackdown that stifled innovation. The dismissal includes no penalties and admission of wrongdoing and prevents the SEC from reopening the case.

The commission has been easing its crypto oversight since President Donald Trump returned to the White House. Last week, it dropped or paused similar lawsuits against Coinbase, Binance and Robinhood.

Kraken maintains that crypto assets are not securities. The company ranks as the world’s 10th-largest crypto exchange based on traffic, liquidity and trading volume.

Robinhood donated $1 million to President Trump’s inaugural committee.