Former SEC Lawyer Reveals if Atkins Will Drop The Ripple Case
President-elect Donald Trump has chosen former Securities and Exchange Commission (SEC) commissioner Paul Atkins to lead the agency. Atkins, who served under President George W. Bush, will succeed outgoing SEC Chairman Gary Gensler.
Following this major announcement, the financial community has been discussing the SEC’s alleged settlement offer to Ripple Labs, with legal experts divided on whether the SEC will appeal the ruling or ask for more time.
One user asked former SEC employee Marc Fagel about the possibility of the SEC dropping the Ripple lawsuit, especially since the lawsuit is before the Second Court of Appeals. Fagel responded that while the SEC could technically deny the appeal, it was difficult to predict.
“The SEC will likely deny the appeal. It’s hard to predict; Atkins doesn’t like crypto enforcement actions, but he also respects the SEC and its mission and may be reluctant to take such an unprecedented and purely political step,” he wrote road.
He explained that new SEC Chairman Paul Atkins is not a fan of cryptocurrency enforcement actions but respects the SEC’s role. As a result, he may be hesitant to make such a politically charged decision.
What’s next?
The outcome of Donald Trump’s election could have implications for cryptocurrency regulation. Experts believe that under Trump, the SEC may take a different approach to regulating cryptocurrencies.
This could lead to more crypto-friendly policies and less aggressive enforcement. In addition, Trump appointed venture capitalist and All-In Podcast co-host David Sacks as the “White House Artificial Intelligence and Cryptocurrency Czar.” Sacks, who is also the former COO of PayPal, is known for supporting Ripple in its ongoing lawsuit with the U.S. SEC. On December 5, Trump announced that Sachs would lead the government’s artificial intelligence and cryptocurrency policies, two key areas for America’s future competitiveness.
