The Securities Commission (SEC) has rejected Yuga Labs, which began in late 2023, so Craken can already join Coinbase, Uniswap Block and other companies. The company issued a statement reporting that the SEC has closed its investigation.
In 2023, multiple exchanges of cryptoactive by the SEC were faced with judicial action by the SEC, accusing them of violating the value of 1933. The exchange has given up several times that the institution exceeded its jurisdiction and has put forward motions demanding its allegations, but the argument was not justly accepted. but, Nowadays, the company has a reason to celebrate. Because the process is about to end.
Company representatives described the ruling as “the end of a campaign with political motivation.” They pointed it out Demand has impacted an already integrated business model And it was, from the beginning, no foundation. «This case was not intended to protect investors. Instead of providing clarity, these and other regulatory processes simply created more uncertainty and hurt emerging industries that demand clear rules,” they said in a statement.
The exchange also emphasized that companies that comply with regulations and prioritize consumer protection should not be “are subject to arbitrary legal battles.” They emphasized that The best way to ensure that the US remains a competitive leader in the crypto sector is through a transparent regulatory framework.
They also expressed their awareness of the SEC’s cryptocurrency workgroup, currently led by Commissioner Hester Perth. Since its creation, Perth has revealed it The team’s goal is to ensure investors are not afraid of success and to encourage sector innovation. Cryptonotics provides a detailed explanation of the 10 priorities of this group in its scope.
The Yuga Labs team also has a reason to celebrate. Through X’s post, they announced that more than three years later, the SEC has decided to formally close the lawsuit against it. In 2022, under the controversial leadership of Gary Gensler, the agency argued that NFTs should be considered a value in accordance with US law. However, once this investigation is completed, The new administration has set precedent by not classifying NFTs in this way.
These dismissals in favour of Kraken and Yuga Labs are framed in the broader context of regulatory changes in the United States. Another example of this trend is the announcement of support for restarting staking services in the country after they ceased them in 2023. After revitalizing the option in the UK earlier this year, the platform will allow users in the US. This return was under the new administration Regulatory approaches are evolving towards a more advantageous position with fewer restrictions on sector innovation.
It’s also iconic in Coinbase. This is because in 2023 the SEC sued for an exchange, accusing them of promoting the sale of value without complying with federal regulations. However, recently the agency has withdrawn its complaints. This is held by key figures such as CEO Brian Armstrong and Legal Director Paul Grawal. Meanwhile, the Binance case has not yet been resolved, but demand ongoing for almost two years has been suspended for 60 days.
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