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The Securities and Exchange Commission dismissed a lawsuit against cryptocurrency exchange Kraken and closed an investigation against non-fungible token company Yuga Labs, the two firms announced on Monday.
What happened: Dave Ripley, co-CEO of San Francisco-headquartered Kraken, said the SEC dismissed the lawsuit with no admission of wrongdoing, no penalties paid, and no changes to its business
"Crypto is coming, and it will have a big impact on the world economy," Ripley said. "It's great to see that this administration wants to lead.
The SEC sued Kraken in November 2023, accusing the trading platform of violating federal securities laws by failing to register as a broker, a similar charge that the regulating body brought against fellow cryptocurrency exchanges Binance and Coinbase.
See Also: Bitcoin Is Digital Gold But ‘What’s The Rationale For An XRP Reserve’, Asks Peter Schiff: Cardano Founder Charles Hoskinson Says Trump Made The Right Decision
In other news, Yuga Labs, known for launching the popular Ethereum (CRYPTO: ETH)-based NFT collection Bored Ape Yacht Club, said that the SEC has officially closed their investigation into the company.
"This is a huge win for NFTs and all creators pushing our ecosystem forward,” Yuga Labs wrote on X. “NFTs are not securities.”
The SEC was investigating Yuga Labs over whether certain NFTs are "more akin to stocks" and if the sales of certain digital assets violate federal laws.
The SEC didn't immediately return Benzinga’s request for confirmation.
The development follows a series of similar actions by the SEC, including the withdrawal of its enforcement case against cryptocurrency exchange Coinbase, Robinhood Markets' cryptocurrency operations, Gemini, and decentralized cryptocurrency exchange Uniswap (CRYPTO: UNI).
Photo via Shutterstock
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