- Ripple’s ongoing lawsuit remains unresolved, with speculation about a possible dismissal soon.
- The SEC dismissed cases against Binance, Coinbase, Gemini, and Yuga Labs, signaling a shift.
- The case outcome could set a crucial precedent for future cryptocurrency regulations in the U.S.
The U.S. Securities and Exchange Commission (SEC) has dropped several high-profile crypto lawsuits, marking a major shift in its enforcement approach. The crypto market is now watching the Ripple case, which remains unresolved.
In recent weeks, the SEC terminated its existing lawsuit against Coinbase. The regulatory authority charged the exchange with running its operation without required registration. The legal proceedings against Coinbase lasted from June 2023 until Feb 21. Coinbase refuted the accusations as it maintained its everyday activities. The SEC’s recent decision to drop the case indicates a new direction within their regulatory approach.
Another major case involved Kraken. Kraken faced a lawsuit from SEC because it was alleged to provide unregistered securities. The lawsuit generated worries among various crypto companies. However, the SEC made the recent decision to dismiss this particular case. Kraken expressed support for the regulatory decision, calling it a step closer to regulatory transparency.
The SEC has also ended its three-year investigation into Yuga Labs. The company is known for the Bored Ape Yacht Club NFTs. The probe examined whether its NFT sales violated securities laws. The SEC did not file any charges. The conclusion of this case highlights the agency’s changing stance on NFTs.
Related: SEC Walks Away From Gemini Case After 699 Days, No Charges
The regulatory body also walked away from its lawsuit against Gemini. The prolonged court battle continued for about 699 days. The Securities and Exchange Commission required Gemini to explain its Earn program because it considered it an unregistered securities offering. The legal proceedings terminated after nearly two years without any charges.
In another move, the SEC has ruled that meme coins are not securities. This decision brings relief to projects like Dogecoin and Shiba Inu. It clarifies that these digital assets do not fall under SEC regulation. This ruling could reduce uncertainty in the crypto space.
With these dismissals, the market is now focused on Ripple’s ongoing legal battle. The SEC accused Ripple of selling XRP as an unregistered security. The case has lasted for years and remains unresolved. Many believe it could be the next lawsuit to see a decision.
According to recent trends from the SEC, they may choose to settle the case. However, the matter remains without official confirmation. The Ripple case may establish the regulatory framework that will define future cryptocurrency policies. For now, the SEC’s recent actions indicate a more cautious enforcement approach as the crypto industry waits for the next move.
