Kraken News: SEC Agrees to Drop Lawsuit, Signaling a Regulatory Shift

In a significant development for the cryptocurrency industry, the U.S. Securities and Exchange Commission (SEC) has agreed to dismiss its lawsuit against popular exchange Kraken. This move indicates a potential shift in the SEC’s regulatory approach, becoming more innovation-friendly and less aggressive.

SEC Agrees to Drop Lawsuit Against Kraken

The U.S. Securities and Exchange Commission (SEC) has agreed in principle to dismiss its lawsuit against cryptocurrency exchange Kraken. The decision reflects a shift toward less aggressive enforcement and a more innovation-friendly regulatory approach. The case will be dropped with prejudice, meaning it cannot be refiled. Kraken will not admit to any wrongdoing, pay penalties, or change its business operations. Changes in leadership at the SEC and White House appear to be driving a broader policy shift, offering relief to crypto firms previously targeted by enforcement actions. Kraken emphasized the importance of fact-based regulation and expressed optimism about collaborating with policymakers to create clearer rules.

XRP Rally Fades; Price Declines from $3.00 Resistance

The XRP price has started a fresh decline from the $3.00 resistance zone. The price has fallen over 20% and is currently trading below $2.50 and the 100-hourly Simple Moving Average. There was a break below a connecting bullish trend line with support at $2.40 on the hourly chart. If the price breaks the $2.20 support zone, it might continue to move down. Prior to the decline, XRP rallied above $2.50 and $2.80 but failed to clear the $3.00 resistance.

SEC Agrees to Dismiss Kraken Lawsuit

The U.S. Securities and Exchange Commission (SEC) has agreed in principle to drop its lawsuit against Kraken, signaling a shift toward a more cooperative regulatory approach. The case was dismissed with prejudice, meaning it cannot be reopened. Kraken stated it would not admit wrongdoing, pay penalties, or alter its business operations. The decision was described as a pivotal moment for the future of cryptocurrency in the U.S., removing uncertainty and paving the way for a stable and progressive regulatory framework.