SEC Drops Lawsuit Against Crypto Exchange Kraken, CEO Calls It, 'Massive Win' — BAYC NFT Creator Yuga Labs Also Gets Reprieve
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 has agreed in principle to dismiss its lawsuit against @krakenfx.It's a massive win for crypto, the United States of America, and the world. Since our inception, Kraken has operated with integrity and dedication to doing the right thing.Regulation by enforcement has…— Dave Ripley (@DavidLRipley) March 3, 2025 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 ETH/USD-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.” After 3+ years, the SEC has officially closed its investigation into Yuga Labs.This is a huge win for NFTs and all creators pushing our ecosystem forward. NFTs are not securities.— Yuga Labs (@yugalabs) March 3, 2025 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 UNI/USD. Photo via Shutterstock Read Next: Elon Musk Labels Meme Coins Casino-Like: Tesla CEO Says ‘Don’t Sink Your Life Savings’ Even As Dogecoin Pumps Over 10% Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.