What’s Next? Can Gensler Use His ‘Lame Duck’ Period to Settle Unfinished Business?
President-elect Trump recently announced that Paul Atkins will become the new SEC Chairman, succeeding current Chairman Gary Gensler, who will step down in January. The news attracted widespread attention as many believed Atkins would foster a more crypto-friendly environment. One of the key cases being closely watched is the ongoing Ripple v. SEC case. Experts are now analyzing the potential outcomes and how to dismiss the case.
In an interview with Thinking CryptoRon Hammond of the Blockchain Association said he has been talking to a lot of lawyers from different companies, some involved in the lawsuit and some not.
The situation is unclear as next steps in these cases remain uncertain. For example, in the case of Coinbase, things have progressed quite a bit and now it’s very difficult to exit. The SEC considers these to be securities, but some commissioners, such as Atkins, objected, saying they no longer agreed with that position.
The next step could involve closing the case because it conflicts with current SEC priorities, or it could involve settling. However, many attorneys remain unsure how these cases will play out. Additionally, the SEC may appeal some recent decisions, such as the Blockchain Association’s recent win over the reseller rule, which could further complicate matters.
There are also questions about ongoing cases such as OpenSea and Uniswap. He said it was unclear whether these would lead to full litigation or stay at the Wells Notice stage. He added that we have to wait and see if Congress can pass legislation, especially in the Senate, that could affect these cases.
It’s also possible SEC Chairman Gary Gensler could use the “lame duck” period to push for changes in how the law is implemented, but we’re still in the waiting phase, the expert said.
What is the “lame duck” period?
“Lame duck meeting” It is a congressional meeting held after the November election and before the new Congress begins its term. Lawmakers use this time to address unfinished business or urgent issues.
