The Securities and Exchange Commission dismissed a lawsuit against cryptocurrency exchange Kraken and closed an investigation against non-fungible token company Yuga Labs, the two firms announced on Monday.
What happened: Dave Ripley, co-CEO of San Francisco-headquartered Kraken, said the SEC dismissed the lawsuit with no admission of wrongdoing, no penalties paid, and no changes to its business
"Crypto is coming, and it will have a big impact on the world economy," Ripley said. "It's great to see that this administration wants to lead.
In other news, Yuga Labs, known for launching the popular Ethereum (CRYPTO: ETH)-based NFT collection Bored Ape Yacht Club, said that the SEC has officially closed their investigation into the company.
"This is a huge win for NFTs and all creators pushing our ecosystem forward,” Yuga Labs wrote on X. “NFTs are not securities.”
The SEC was investigating Yuga Labs over whether certain NFTs are "more akin to stocks" and if the sales of certain digital assets violate federal laws.
The SEC didn't immediately return Benzinga’s request for confirmation.
Photo via Shutterstock
Read Next:
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
To add Benzinga News as your preferred source on Google, click here.
