The U.S. Securities and Exchange Commission (SEC) has officially closed cases against the companies Kraken, Consensys, and Cumberland DRW. The regulator signed joint agreements with the mentioned companies, which include the dismissal of existing civil lawsuits.
This is reported by Finway
Reasons for Closing the Cases
The SEC announced that these agreements were submitted on March 27, marking the irreversible closure of the cases. The commission stated:
“The Commission’s decision to exercise its discretion and close this ongoing enforcement action is based on its belief that such closure will support the Commission’s current efforts to reform and update its regulatory approach to the crypto industry, rather than on an assessment of the merits of the claims made in this case”
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Recent Developments Regarding the Companies
Additionally, the SEC’s statement emphasized that the decision to close these cases does not imply that the commission has changed its position on other legal matters. It is worth noting that the SEC previously accused Cumberland DRW of operating as an unregistered dealer in crypto assets exceeding $2 billion, while Consensys was accused of illegally selling securities through the MetaMask Staking platform and operating as an unregistered broker. The regulator filed a lawsuit against Kraken for allegations of operating as an unregistered exchange, broker, dealer, and clearing agency. The SEC also previously closed its investigation into the company Immutable without providing explanations.