XRP News: Top Lawyers Explain Why the US SEC Is Stalling Crypto Cases
Key Highlights:
- Legal experts discuss reasons behind the SEC’s delay in dismissing crypto lawsuits.
- A former SEC lawyer sheds light on the decision-making process for case dismissals.
- The confirmation of Paul Atkins as the new SEC Chair could expedite case resolutions.
Legal Experts Weigh In on SEC’s Delay
Leading attorneys, including pro-XRP lawyers and former SEC legal professionals, are making headlines in the latest XRP news. The 60-day pause in the Binance case has raised speculation about the SEC’s next moves regarding crypto lawsuits. Top lawyers have now provided insights into the reasons behind the agency’s hesitation to drop or settle cases such as Ripple vs. SEC and Coinbase vs. SEC.
Binance Case Sparks Debate Over SEC’s Strategy
The recent decision to temporarily halt proceedings in the Binance lawsuit has intensified discussions on the SEC’s legal approach. Binance and the SEC jointly filed a request for a 60-day pause, drawing attention from the crypto market. Some observers believe that a similar update might soon follow for the Ripple vs. SEC case.
Both sides have pointed to the formation of a crypto task force under SEC Commissioner Hester Peirce as a key factor behind this pause. However, this move has led market participants to speculate on deeper reasons behind the delay.
Pro-XRP lawyer James Murphy, also known as MetaLawMan, addressed these concerns on X (formerly Twitter). He suggested that the SEC may be strategically postponing major case resolutions until Paul Atkins is officially confirmed as the new SEC Chair. According to Murphy, Peirce and current acting Chair Mark Uyeda could be waiting for Atkins to take office before proceeding with crypto lawsuit dismissals.
Paul Atkins’ Confirmation Could Influence Coinbase Lawsuit
A critical question remains whether the Coinbase vs. SEC lawsuit will also be put on hold, especially with the February 14 deadline approaching. However, XRP lawyer Murphy believes such a pause may not be necessary. He explained that if the Second Circuit Court grants Coinbase’s request for an interlocutory appeal, the SEC may have no urgent legal steps to take before Atkins assumes his role.
When asked about the estimated timeline for Atkins’ confirmation, Murphy speculated it could take less than 60 days. He pointed out that agency heads are typically confirmed following Cabinet members in the Senate approval process, contributing to the delay.
Ex-SEC Lawyer Weighs in on XRP Case and SEC’s Decision-Making
These developments have also fueled broader discussions within the crypto community. Prominent XRP attorney Bill Morgan questioned why the SEC hasn’t moved forward with dismissals, given that its commissioners could vote 3-1 in favor.
In response, Murphy noted there is no major obstacle preventing action, citing the SEC’s recent reversal of Staff Accounting Bulletin 121 (SAB 121) without Atkins. However, former SEC lawyer Marc Fagel offered a different perspective. He explained that while reversing SAB 121 didn’t require a formal commissioner vote, dismissing enforcement actions does.
Fagel further clarified that although the SEC could proceed with dismissals now, they might prefer to wait for new leadership. He also confirmed that an acting SEC Chair has the authority to vote, but the decision to delay certain matters remains at the agency’s discretion.
XRP Lawyer Applauds New CFTC Chair Appointment
Another significant leadership shift has caught the attention of the XRP community. Brian Quintenz was recently appointed as the new Chair of the Commodity Futures Trading Commission (CFTC)—a move widely regarded as a positive step for crypto regulation.
XRP lawyer Jeremy Hogan shared his optimism, suggesting that the CFTC’s influence on crypto regulations might eventually surpass that of the SEC. He described Quintenz as a strong choice, expressing confidence in the future of crypto oversight.
Looking Ahead: Will the SEC Finally Drop Crypto Cases?
With ongoing delays, the crypto market remains focused on the SEC’s next steps. While many anticipate further postponements, recent legal insights suggest that once Paul Atkins assumes office, there could be a shift towards dismissing pending cases. This has fueled optimism that regulatory clarity for crypto may soon be on the horizon.
