The U.S. Securities and Exchange Commission (SEC) has dismissed enforcement actions against three major cryptocurrency companies - Kraken, ConsenSys, and Cumberland DRW LLC - marking a notable shift in the agency's regulatory approach toward digital assets.
The SEC filed joint stipulations to drop the cases with prejudice, meaning these decisions are final and cannot be refiled. The dismissals come as part of a broader change in U.S. crypto regulation under the Trump administration, following similar endings to cases against other prominent firms like Coinbase, Robinhood, and OpenSea.
Each company had faced serious allegations under the previous leadership. Kraken was charged in November 2023 for operating an unregistered securities exchange and related services. ConsenSys faced accusations regarding its MetaMask Staking service in June 2024, while Cumberland DRW was sued in October 2024 over allegedly acting as an unregistered dealer handling over $2 billion in crypto assets.
Acting SEC Chairman Mark T. Uyeda stated these dismissals are part of the agency's efforts to "rectify its approach" and develop crypto policy more transparently. However, the SEC emphasized that these dismissals do not indicate the Commission's position on other cases.
Kraken welcomed the resolution, describing the SEC's previous approach as a "wasteful, politically motivated campaign" that could have hindered innovation. The exchange has since revealed plans to potentially go public.
Under Uyeda's leadership, the SEC has established a dedicated crypto task force and increased industry engagement, departing from the previous enforcement-focused strategy. The agency has also scheduled four upcoming roundtables from April to June to discuss crypto and digital asset regulation.
The dismissals reflect the SEC's evolving stance on cryptocurrency oversight, though the agency maintains its commitment to balanced industry regulation.