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๏ปฟAnjali Belgaumkar
๏ปฟAnjali Belgaumkar
Author
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 โEnthusiastโ but trust me I'm getting there.
- Dec 11, 2024 03:51 UTC
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XRP Lawsuit News: What Happens Next if The New Administration Drops The Appeal
Paul Atkins' SEC appointment raises hope for Ripple case settlement or dismissalโuncertainty remains as appeal continues.
SEC's appeal on Ripple's programmatic sales in questionโcould a new leadership shift the outcome?
President-elect Donald Trump has selected Paul Atkins, former SEC commissioner, to lead the SEC. Atkins is set to replace outgoing SEC Chair Gary Gensler. Many are hopeful that Atkins will undo the damage caused by Gensler, whose leadership led to a loss of trust in the SEC. Retail and institutional investors alike were frustrated under Gensler’s rule, which some believe was influenced by anti-crypto forces like Elizabeth Warren and the banking cartel.
One of the key cases that has drawn significant attention is Ripple vs. SEC, which began in 2020. With the recent appointment of Paul Atkins as SEC Chairman, the crypto community is hopeful that the case might be dropped or settled. However, since the case is currently in appeal, the outcome remains uncertain. If the case is dropped, it could mark a significant shift in how the SEC handles crypto-related matters, but the final decision will depend on the developments in the appeals process.ย
Will The SEC Drop The Appeal?
Former SEC lawyer Marc Fagel explained that while the court found institutional sales to be in violation of the law, it did not rule against programmatic sales, which are currently under appeal. However, if the new administration drops the appeal, the Second Circuit won’t have a chance to weigh in.
Fagel further clarified that although Ripple was sued for selling unregistered securities, some of their sales were found to involve securities, while others were not. When a user commented that Judge Torres disagreed with the SEC, Fagel responded, saying that she only disagreed with them in part. He said that she also agreed with the SEC, ruling that Ripple illegally raised over $700 million in an unregistered securities offering.
โThe court found institutional sales to violate the law, but not programmatic sales. The latter is on appeal. Though if the new administration drops the appeal, we won’t have a chance to have the Second Circuit weigh in, unfortunately,โ
Fagel wrote.
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FAQs
The Ripple case is under appeal, with institutional sales deemed illegal but programmatic sales still in question.
Gensler’s tenure led to frustration among investors, with claims of anti-crypto bias and a loss of trust in the SEC’s leadership.
Yes 
No 
