SEC Will Drop Lawsuit Against Kraken, Says Crypto Exchange

The Securities and Exchange Commission has "agreed in principle" to drop its lawsuit against crypto exchange Kraken, the company announced Monday.

In a blog post, the San Francisco-based exchange said that the 2023 lawsuit against the exchange had been scrapped "with no admission of wrongdoing, no penalties paid, and no changes to our business."

"It ends a wasteful, politically motivated campaign, lifts uncertainty that stifled innovation and

investment, and clears the path toward a stable, forward-thinking regulatory regime," the announcement read.

The news comes following similar recent moves to end lawsuits or investigations against an array of crypto heavyweights, including Coinbase, Robinhood, OpenSea, and Uniswap Labs.

This is a breaking news story and will be updated.