A prominent lawyer has disclosed the anticipated timeline for the US SEC to discontinue crypto cases, including the protracted Ripple SEC lawsuit.
In the most recent XRP news, the US Securities and Exchange Commission’s (SEC) position on cryptocurrency lawsuits is again discussed, with legal professionals offering their perspectives on potential dismissals. Renowned crypto attorney James Murphy, also known as MetaLawMan, has provided insight into the likely timing of the agency’s decision to close cases. His observations, particularly regarding the agency’s most recent pivot in the Coinbase case, have prompted discussion regarding the future of the Ripple Vs SEC lawsuit.
XRP News: Lawyer Emphasizes the US SEC’s Change in Approach to the Coinbase Case
James Murphy, also known as MetaLawMan, a pro-XRP lawyer, recently emphasized the SEC’s decision not to oppose Coinbase’s petition for an interlocutory appeal at the 2nd Circuit. This represents a departure from its previous opposition during Gary Gensler’s tenure as SEC Chair.
Murphy declared:
“Assuming the 2nd Circuit accepts the case for interlocutory appeal, it would be a few months before the SEC is required to file a brief and take a legal position on the question of whether crypto assets traded on secondary exchanges are investment contracts.”
He conjectured that the agency may resolve or dismiss the case before reaching that stage. This change has prompted speculation that the agency is modifying its stance on cryptocurrency cases. If the SEC persists in reevaluating cases, observers anticipate that the XRP lawsuit may receive comparable treatment.
When will the United States Securities and Exchange Commission (SEC) commence dismissing cryptocurrency cases?
The SEC’s leadership uncertainty is a significant factor that influences these decisions. Murphy anticipates that a new chair will be appointed by March or April, as there is currently no Senate-confirmed chair. To provide context, Murphy responded to an inquiry from an X user regarding the agency’s ability to dismiss the cases and the impediment to doing so:
“No Senate-confirmed Chairman yet. Probably March or April time frame. Paul Atkins may be one of President Trump’s least controversial nominations.”
This suggests that the SEC may commence dismissing or settling cases upon appointing a Senate-confirmed chief, such as Paul Atkins, to the SEC’s post. Nevertheless, he also observed that “the Commissioners must vote to settle or dismiss a case.” Mark Uyeda and Hester Peirce currently possess the ballots necessary to address cases, as there are three Commissioners.
This implies that the absence of a permanent chair may not prevent the progression of decisions regarding crypto disputes. Additionally, the SEC crypto task force’s most recent initiative to establish transparent regulations has intensified market sentiments.
What is the future of the XRP lawsuit?
The Ripple lawsuit has been a topic of interest in the crypto community, particularly following allegations that the SEC had removed it from its website. Sherrie, a prominent counsel in the XRP community, denied rumors of a settlement, stating that the case is now listed on the Court of Appeals website due to its new case number.
Ripple is scheduled to submit its appeal-related brief by April 16. Jeremy Hogan, an attorney for XRP, also suggested that the SEC may discontinue or withdraw the case by April or May, which is consistent with the anticipated appointment timeline for a new chair.
What is the likelihood of the SEC dismissing Ripple’s case?
Although some experts believe that the SEC’s change in the Coinbase case could suggest a similar approach for Ripple, others are skeptical. Sherrie contended that it is improbable for an interim chair to make a significant decision, such as dropping the lawsuit.
MetaLawMan responded that the Ripple Vs SEC appeal is “still chugging along” in response to a request from an X user for an “update.” Additionally, he emphasized that Ripple’s brief is due on April 16. Nevertheless, there is considerable speculation regarding the potential outcome of the XRP litigation in April, given the appointment of the new US SEC chair.
