As of January 23, 2025, 12:30 PM ET, the U.S. Securities and Exchange Commission (SEC) is holding a closed meeting, marking the first significant action under the agency’s new acting chairman, Mark Uyeda.
Uyeda, a Republican commissioner, recently stepped into the role after Gary Gensler’s term concluded earlier this month. While Uyeda serves in this interim capacity, Paul Atkins, CEO of Patomak Global Partners, remains the leading nominee for the permanent chairmanship.
The meeting has generated significant speculation, particularly within the crypto community, regarding its potential implications for ongoing cases, such as the SEC’s litigation against Ripple Labs. Crypto influencer Amelie added to this speculation by posting, “His first big move could be made today – will he finally resolve the Ripple case?”
TODAY, JANUARY 23TH AT 12:30 PM ET SEC CLOSED MEETING WITH SEC’S NEW ACTING CHAIR MARK UYEDA!
HIS FIRST BIG MOVE COULD BE MADE TODAY – WILL HE FINALLY RESOLVE THE RIPPLE CASE? #XRP https://t.co/3wnimIYDjJ pic.twitter.com/i8b1MfnK71
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) January 23, 2025
SEC’s Appeal in the Ripple Case
The timing of this meeting coincides with heightened activity in the SEC’s legal battle with Ripple. Earlier this month, the SEC submitted an appellate brief challenging aspects of the district court’s 2023 ruling, which largely favored Ripple.
The agency argued that the court erred in its application of the Howey Test, a legal framework used to determine whether an asset qualifies as a security.
Specifically, the SEC disputes the court’s conclusion that Ripple’s sales of XRP to retail investors did not involve an expectation of profits derived from the efforts of others.
Additionally, the SEC contends that transactions involving XRP in exchange for non-cash consideration should satisfy the investment-of-money prong of the Howey Test. The agency urges the appellate court to overturn parts of the lower court’s judgment and redefine XRP’s legal classification under securities law.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Market Speculation on Potential Outcomes
The crypto community is closely monitoring this meeting, speculating whether Acting Chair Uyeda will bring a shift in the SEC’s approach to crypto regulation.
Some market participants are hopeful that Uyeda might use this opportunity to take a more pragmatic stance on high-profile cases like Ripple. However, others believe substantial decisions may be delayed until the SEC’s permanent leadership is confirmed.
Social media reactions have been mixed. One commenter, Joan Cordero, replied to Amelie’s post, stating, “GM I don’t think they’ll make a decision on Ripple until Atkins gets confirmed. Hopefully, I’m wrong.” This view reflects the broader uncertainty regarding the SEC’s regulatory direction during this transitional period.
Ripple Case’s Broader Implications
The outcome of the Ripple case remains critical for the crypto industry, as it could set new precedents for how digital assets are regulated in the United States. A resolution in Ripple’s favor could limit the SEC’s authority over similar assets, while a reversal could strengthen the agency’s ability to enforce securities laws in the crypto space.
For now, the details of the SEC’s closed meeting remain undisclosed, leaving the market to speculate on potential developments. As Acting Chair Uyeda’s leadership begins, the industry waits for any signals of regulatory clarity or shifts in enforcement priorities.
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