Recently, the SEC dropped a lawsuit against Hex founder Richard Heart, sparking community hopes that the XRP case could be settled soon as well. With the SEC backing off more crypto lawsuits, there’s more optimism. XRP lawyer John Deaton is asking for a quick end to the Ripple vs. SEC case and is directly in talks with the key SEC officials.
Ripple When, Asks Deaton
He called on key SEC officials Hester Peirce and Mark Udeya, along with crypto experts David Sacks and Bo Hines, to help get the Ripple case dismissed. In an X post Deaton wrote, “As Amici counsel and on behalf of 75K XRP holders, Hester Peirce, David Sacks, Bo Hines, Mark Udeya, when Ripple?”
Notably, the latest update on the Hex founder’s lawsuit and John Deaton’s statement come after the SEC dropped several crypto lawsuits against big names like Coinbase, Robinhood, and Uniswap. However, former SEC official John Reed Stark sees this as a red flag, warning it could spell trouble and possibly even the agency’s downfall.
Big Wins For Crypto
In the first month of Donald Trump’s second term, the crypto industry scored some big wins. The SEC dropped or closed six cases and asked courts to pause two more. The crypto industry scored big in the 2024 election, and the full impact is just starting to unfold. Questions about how crypto should be regulated are still unclear.
In the past week, the SEC dropped its case against Coinbase, paused cases against Binance and Tron, and told platforms like ConsenSys, OpenSea, Robinhood, Uniswap, and Gemini that their investigations are being closed.
SEC Focusing On Clear Policies
These moves follow after SEC Commissioner hester peirce
hester peirce Hester Peirce of the Securities and Exchange Commission, often known as “Crypto Mom,” is one of the most outspoken supporters of cryptocurrency at the government level in the United States. Prior to joining the Securities and Exchange Commission, she worked in a variety of roles evaluating and formulating financial regulations, having graduated from Yale Law School. She worked at George Mason University’s Mercatus Center, a libertarian think tank, most recently before becoming commissioner, where she produced, among other things, critiques of legislation like the Dodd-Frank Act. She, often known as “Crypto Mom,” is a member of the Securities and Exchange Commission. She was born in Ohio and graduated from Yale Law School. Prior to joining the Securities and Exchange Commission, she worked in a variety of capacities evaluating and creating financial regulations. She worked at George Mason University’s Mercatus Center, a libertarian-leaning think tank, most recently before becoming commissioner, where she produced, among other things, critiques of legislation like the Dodd-Frank Act. As chairman Jay Clayton steps out and a Joe Biden nominee takes his place, Republican Peirce will find herself in the minority. Clayton, on the other hand, was not particularly forward-thinking when it came to digital assets. President Biden has declared his intention to select Gary Gensler, a crypto expert who would presumably be more prepared to deal with Peirce than Clayton was. The SEC’s approval of initial public offerings for crypto businesses like Coinbase, the first U.S.-authorized Bitcoin ETF, and, of course, the ICO safe harbour are all obvious targets for Peirce. We won’t know what Peirce thinks about the SEC’s pursuit of Ripple until after the fact, per SEC protocol, but the outcome of that case will almost certainly serve as a springboard for more clarity. Peirce told guests at the Crypto Finance Conference in January that the future SEC chairman’s priority should be supporting innovation and giving regulatory clarity: “We need to embrace innovation and figure out how to create a regulatory framework that encourages it, which, in our field, I believe means providing clarity.” EntrepreneurInvestorFinanceCrypto and Blockchain Expert
announced she’ll lead a new crypto task force and asked the public for input on how securities laws should apply to different types of cryptocurrencies. The SEC also withdrew Staff Accounting Bulletin 121, an unpopular accounting rule in the crypto industry.
Though some investigations and cases are still ongoing, it’s clear the SEC is taking a different approach under Acting Chair Mark Uyeda, compared to former Chair gary gensler
gary gensler Gary Gensler is a pioneer and the current chair of the U.S. Securities and Exchange Commission. He has extensive experience that spans Wall Street, government regulation, and an angel teaching about cryptocurrencies and blockchain at MIT. Gary S. Gensler was on born October 18, 1957, in Baltimore, Maryland.He graduated from Pikesville High School in 1975, where he was later given a Distinguished Alumnus award. He also earned a degree in economics.Gensler served in the United States Department of the Treasury as Assistant Secretary for Financial Markets from 1997 to 1999, then as Undersecretary for Domestic Finance from 1999 to 2001He has expressed his desire to present crypto-related approach changes later on that include token commitments, decentralized finance, stablecoins, guardianship, exchange-traded resources, and advancing stages. Chairman
Hester Peirce stated that the SEC is now focused on creating clear policies to guide future enforcement, instead of letting enforcement actions set the rules.
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