News View Non-AMP

XRP Lawsuit News: Can Gensler’s Replacement Paul Atkins Dismiss Ripple Case?

Published by
Anjali Belgaumkar

President-elect Donald Trump has chosen Paul Atkins, a pro-crypto figure, to chair the Securities and Exchange Commission (SEC), according to reports by Unchained. Current SEC Chair Gary Gensler announced he will step down on January 20 when Trump is inaugurated. Atkins, who served as an SEC commissioner under President George W. Bush, is well-respected in conservative legal circles and among the Republican establishment.

One major case before the federal courts is the ongoing Ripple (XRP) lawsuit, in which the SEC claims Ripple violated securities laws by issuing XRP. In July 2023, Judge Analisa Torres ruled that XRP was not a security when sold to retail investors on exchanges but was a security in institutional sales. 

The SEC initially sought a $2 billion fine against Ripple but was instead given a $125 million penalty. In October 2024, Judge Torres rejected the SEC’s request to appeal, saying they didn’t have strong enough reasons. Despite this, the SEC appealed to the Second Circuit Court, arguing the decision went against Supreme Court rulings.

Curious about the Ripple vs SEC legal battle? Want to know how it could affect XRP? Read our XRP price prediction to find out!

‘Paul Atkins is not what Trump Needs’

John Deaton recently explained that Paul Atkins would be a very traditional choice, one that Wall Street would likely approve of. He stated that Atkins is someone who respects the SEC and its staff, but what is truly needed is someone who challenges the SEC’s actions. 

Deaton believes the SEC has harmed investors, rather than protecting them, and that a change in attitude is necessary. While Deaton would support Atkins if chosen, he feels he’s not the right fit if President Trump aims to bring change to crypto regulation.

Attorney Jeremy Hogan mentioned the cons of Atkins’ appointment and wrote,

“He won’t be the bull in the china shop many in the crypto space want. He will make measured and deliberate changes. Overall, I give his appointment a B+ for the digital asset industry, and that was good enough to get me a law degree so, yeah!”

FAQs

Who is Paul Atkins and why is he important for crypto regulation?

Paul Atkins is a pro-crypto figure nominated as SEC chair by Trump, potentially influencing crypto policies and regulations.

What happened in the SEC vs Ripple case?

The SEC sought a $2 billion fine against Ripple but was given a $125 million penalty. The SEC continues appealing the decision in higher courts.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

Recent Posts

Crypto News: Binance to List Hyperliquid ($HYPE), Will the 63% Average Token Surge Repeat?

Binance U.S. is all set to launch spot trading for Hyperliquid (HYPE) soon. HYPE is…

June 3, 2025

Ripple News: John Deaton Says XRP ETFs Are Coming

BitGo, a leading crypto custody and trading firm, has entered a strategic partnership with VivoPower.…

June 3, 2025

XRP Price Prediction For June 3

XRP’s price has been under pressure lately, with the token stuck in a bearish trend.…

June 3, 2025

Pi Network Beats XRP for Top Spot in Latest Crypto Usage Poll

Pi Network has outperformed XRP in a recent poll about cryptocurrency usage on Zypto VISA…

June 3, 2025

Best Cryptocurrencies for June 2025: Ripple (XRP), Dogecoin (DOGE), Mutuum Finance (MUTM)

As market sentiment shifts and fresh momentum builds across digital assets, June 2025 presents a…

June 2, 2025

Live Coin Watch Alert: Bitcoin Solaris’s 21M Fixed Supply Creates Your Second Chance at Bitcoin’s Growth Path

When Bitcoin first emerged, its fixed 21 million supply was mocked. Today, that scarcity has…

June 2, 2025