The U.S. Securities and Exchange Commission (SEC) has been making notable regulatory shifts under President Donald Trump’s administration. Recently, the agency withdrew its appeal in a crypto rulemaking case, marking a significant victory for the digital asset industry. However, despite this move, the SEC has yet to abandon its appeal in the ongoing legal battle against Ripple and XRP, leaving many wondering about its reasoning.
The Real Reason Behind the SEC’s Decision
Fox Business journalist Eleanor Terrett has provided key insights into why the SEC continues its appeal against Ripple. In a recent post, citing anonymous legal sources, Terrett suggested that the agency currently prioritizes enforcement cases with imminent deadlines. This prioritization explains why the SEC has yet to drop its appeal in the Ripple lawsuit, despite the regulatory changes occurring within the commission.
Ripple has requested an April 16 deadline for submitting its opening brief in the cross-appeal against the SEC. Meanwhile, the agency filed its opening brief on January 15, just days before Trump’s inauguration and the departure of former SEC Chairman Gary Gensler. The timing suggests leadership changes at the SEC may influence the case’s progression.
A New Direction for Crypto Regulation
With Gensler out of office, the SEC is shifting toward a more cooperative approach to cryptocurrency regulation. Acting SEC Chair Mark Uyeda has launched a task force to create clear rules for digital assets. Commissioner Hester Peirce, a known advocate for balanced crypto regulations, is leading this task force.
At the same time, President Trump has reinforced his commitment to making the U.S. the global leader in cryptocurrency. He recently stated that his administration had ended the previous hostility toward Bitcoin and other digital assets, laying the groundwork for a more crypto-friendly regulatory environment.
Ongoing SEC Enforcement Cases Face Uncertainty
Despite these changes, several enforcement cases initiated under Gensler remain unresolved. Notably, high-profile lawsuits against Binance and Coinbase have stalled. Fox Business speculated that the SEC might delay major decisions until Trump’s nominee, Paul Atkins, is confirmed as the next SEC chair.
“SEC leadership may be expecting @realDonaldTrump’s pick for chair Paul Atkins to be on his way to getting confirmed by that time,” Terrett noted.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
In the meantime, the crypto task force, Congress, and the Presidential Working Group on Digital Assets are working to address the regulatory gaps that led to these lawsuits. In addition, the Uyeda-led SEC is willing to approve exchange-traded funds (ETFs) linked to altcoins, including XRP.
What Lies Ahead for Ripple and XRP?
With Trump’s administration reshaping the SEC’s approach, the future of the Ripple lawsuit remains uncertain. However, the broader shift in regulatory attitudes suggests a more favorable outcome for XRP and the wider crypto market could be on the horizon.
Market participants will closely monitor how these developments unfold, as they could significantly impact the adoption and integration of cryptocurrencies into traditional finance. The SEC’s next steps in the Ripple case may be a key indicator of the commission’s evolving stance in the digital asset sector.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
