SEC officially closes cases against Kraken, ConsenSys, and Cumberland

On March 27, the U.S. Securities and Exchange Commission (SEC) officially closed its legal proceedings against crypto companies Kraken, ConsenSys, and Cumberland.
 

Court documents confirming the closure were filed the same day. The cases were dismissed "with prejudice," which legally prevents them from being reopened in the future.
 

SEC Shifts Its Regulatory Approach

In its statement, the SEC emphasized that the decision reflects a reassessment of its oversight strategy for the crypto industry. However, the closure does not imply that the lawsuits were without merit — it simply marks a change in regulatory direction.
 

Background of the Cases

In November 2023, the SEC accused Kraken of offering unregistered securities through its digital token trading operations.
 

In June 2024, the Commission filed a lawsuit against ConsenSys, claiming the company had acted as an unregistered broker since October 2020 and offered securities through MetaMask Staking since January 2023.
 

In October 2024, Cumberland DRW was targeted by the SEC for trading assets considered securities by the regulator without proper registration.
 

Part of a Broader Trend

This is not the first instance of dropped charges. Since early 2025, the SEC has also closed investigations into Coinbase, Robinhood, Ripple, Uniswap, and ConsenSys.