The U.S. Securities and Exchange Commission has taken another step toward reshaping its approach to digital asset regulation by dismissing lawsuits against multiple crypto firms. On Thursday, the SEC filed a joint stipulation to officially drop legal proceedings against Kraken, Cumberland, and Consensys, signaling a significant shift in the agency’s stance on crypto-related enforcement actions.

The dismissal was filed with prejudice, meaning the cases cannot be reopened. Both the SEC and the defendant firms will cover their own legal costs, with no settlements or financial penalties imposed. This decision aligns with the regulator’s broader efforts to reassess its stance on the cryptocurrency industry under the leadership of Acting Chairperson Mark T. Uyeda.

This move follows a series of case dismissals, including the SEC’s recent decision to drop litigation against Coinbase and halt investigations into OpenSea, Robinhood, and Uniswap. The commission acknowledged that many of these lawsuits were initiated under former Chair Gary Gensler and stated that they no longer align with its current objectives. The agency has also established a dedicated crypto task force to develop a clearer regulatory framework for digital assets, further supporting its shift in direction.

While the SEC clarified that dismissing these cases does not constitute an endorsement or exoneration of the firms involved, it reflects a more pragmatic approach to regulating the rapidly evolving industry. This change in strategy coincides with a growing embrace of cryptocurrency at the national level. President Donald Trump has expressed his commitment to making the United States a global leader in digital assets and artificial intelligence, vowing to dismantle restrictive regulatory policies from the previous administration.

The decision to drop the lawsuits drew reactions from the affected crypto firms, which welcomed the SEC’s change in direction. Kraken, a prominent cryptocurrency exchange, emphasized the significance of the decision for both the company and the broader industry. However, the firm also criticized the lawsuit as a “wasteful, politically motivated campaign” by the previous administration against the crypto sector. Despite this, Kraken expressed appreciation for the current administration’s willingness to adopt a more constructive approach toward digital assets.

Cumberland echoed similar sentiments, stating that it remains committed to working alongside regulators to ensure compliance and foster a more transparent crypto ecosystem. The decision to dismiss these cases may mark the beginning of a more collaborative and forward-thinking regulatory landscape for the digital asset industry in the United States.

By Alejandro Silva Ramírez, Crypto Analyst & Columnist