Payward, Inc. and Payward Ventures, Inc. (d/b/a “Kraken”)

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26278 / March 27, 2025

Securities and Exchange Commission v. Payward, Inc. and Payward Ventures, Inc., No. 3:23-cv-06003-WHO (N.D. Cal. filed Nov. 20, 2023))

SEC Announces Dismissal of Civil Enforcement Action Against Kraken

The Securities and Exchange Commission today filed a joint stipulation with Payward Inc. and Payward Ventures Inc., together known as Kraken, to dismiss, with prejudice, the Commission’s ongoing civil enforcement action against it.

The Commission’s decision to exercise its discretion and dismiss this pending enforcement action rests on its judgment that the dismissal will facilitate the Commission’s ongoing efforts to reform and renew its regulatory approach to the crypto industry, not on any assessment of the merits of the claims alleged in the action. Furthermore, as stated in the joint stipulation, “the Commission’s decision to seek dismissal of this Litigation does not necessarily reflect the Commission’s position on any other case.”