Yigit Taha OZTURK 
The SEC has officially dismissed enforcement actions against Kraken, ConsenSys, Cumberland DRW, and Crypto.com, marking a final decision with no option to refile.
This move aligns with the Trump administration’s shift in crypto regulation, following similar case dismissals for Coinbase, Robinhood, Uniswap Labs, and OpenSea.
SEC Ends Investigation Into Web3 Gaming Platform Immutable
Immutable, an Ethereum-based gaming platform, also saw its SEC probe closed after a five-month investigation into its IMX token. No enforcement action was taken.
A Shift in SEC’s Crypto Policy
After dropping its Coinbase case, SEC acting chairman Mark T. Uyeda stated that these dismissals reflect the agency’s ongoing efforts to rectify its approach and create more transparent crypto policies.
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However, SEC clarified that these dismissals do not set a precedent for other cases.
Kraken welcomed the decision, calling it “the end of a wasteful, politically motivated campaign,” and hinted at potential IPO plans, making it the second publicly listed crypto company after Coinbase.
The SEC crypto task force announced four new roundtable discussions on digital asset regulations, set to run between April and June 2025. Task force leader Hester Peirce emphasized the importance of industry expert discussions in shaping policy.
SEC Charges Against Kraken, ConsenSys, Cumberland DRW, and Crypto.com
- Kraken was sued in November 2023 for operating as an unregistered securities exchange, broker, and clearing agency.
- ConsenSys faced legal action in June 2024 over its MetaMask Staking service, allegedly offering unregistered securities.
- Cumberland DRW, a Chicago-based trading firm, was accused in October 2024 of acting as an unregistered dealer, handling over $2 billion in crypto assets.
- Crypto.com was also cleared of any wrongdoing as SEC officially closed its investigation.
Under acting chairman Uyeda, SEC has taken a more collaborative approach, signaling a departure from strict enforcement policies.
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