The ongoing drama surrounding crypto lawsuits is intensifying as the US Securities and Exchange Commission (SEC) faces growing scrutiny. A recent 60-day pause in the Binance case has sparked debates across the cryptocurrency community, particularly within the XRP news thread. The delay has raised questions about the SEC’s next steps in its ongoing cases, including the highly anticipated Ripple vs SEC lawsuit.
A joint motion filed by Binance and the SEC cites the formation of a crypto task force under SEC Commissioner Hester Peirce as the primary reason for this delay. However, market participants are speculating about other underlying factors behind this pause. Pro-XRP lawyer James Murphy, also known as MetaLawMan, shared his insights on social media, suggesting the move could be strategic, pending the confirmation of Paul Atkins as the new SEC Chair. Murphy believes the SEC may be waiting for Atkins to take charge before making decisive moves on dismissing crypto lawsuits.
The 60 day stay of the @binance case might indicate that @HesterPeirce & @MarkUyedaUS want to wait until Paul Atkins is confirmed as Chairman of the SEC before they dismiss crypto cases. https://t.co/FG0JaA03M0
— MetaLawMan (@MetaLawMan) February 11, 2025
The future of the Coinbase lawsuit is also under discussion, with the February 14 deadline looming. Murphy speculates that if the Second Circuit Court grants Coinbase’s request for an interlocutory appeal, the SEC may not need to act until Atkins is confirmed, which Murphy estimates could take under 60 days.
Adding to the conversation, ex-SEC lawyer Marc Fagel provided a counterpoint, emphasizing that while the SEC can act now, the agency might prefer to wait for new leadership. Fagel noted that decisions like the rescinding of Staff Accounting Bulletin 121 (SAB 121) do not require a formal commissioner vote, unlike the dismissal or settlement of enforcement actions.
In a broader context, the appointment of Brian Quintenz as the new US Commodity Futures Trading Commission (CFTC) Chair has caught the attention of XRP enthusiasts. Many see Quintenz’s appointment as a potential game-changer for crypto regulations, with some even suggesting that the CFTC may eventually surpass the SEC in shaping crypto policy.
As the crypto world watches closely, it seems the fate of several high-profile cases could rest on leadership changes at the SEC, fueling optimism that these cases might be dismissed once Paul Atkins assumes his role.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: SEC May Acknowledge Grayscale’s XRP ETF Filing This Week: FOX Journalist
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