SEC Drops Three More Lawsuits Against Major Crypto Firms
In separate filings, the SEC revealed that it has reached agreements with Payward Inc. and Payward Ventures Inc. (which operate under the Kraken name), Consensys Software Inc., and Cumberland DRW LLC, leading to the dismissal of these lawsuits with prejudice.
The SEC clarified that this decision to drop the cases was not based on the merits or weaknesses of the allegations in the individual lawsuits but instead reflects a broader shift in its regulatory strategy. The agency emphasized that its move is part of an ongoing effort to update and refine its approach to overseeing the rapidly evolving cryptocurrency industry.
While this action marks a significant moment for these companies, the SEC was quick to note that this dismissal does not signal any change in its position regarding other pending enforcement actions within the industry. The agency made it clear that the decision in these specific cases does not reflect its stance on other lawsuits still in progress.
This latest development comes amid the SECs ongoing crackdown on the cryptocurrency sector, a stance that has led to numerous legal battles with prominent firms.
However, the dropping of these cases suggests the SEC might be recalibrating its legal strategy, likely in response to mounting pressure from the cryptocurrency industry, changing market conditions, and ongoing discussions within the regulatory community. It could be seen as an indication of the SECs willingness to reassess how it handles crypto-related enforcement, balancing regulatory concerns with industry developments.
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