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Highlights
- The 60-day pause in the Binance lawsuit has led to speculations that Ripple SEC settlement.
- FOX journalist Eleanor Terrett expects the Ripple case to follow suit like the Binance lawsuit.
- US SEC Chair nominee Paul Atkins could play a major role in the settlement.
The US Securities and Exchange Commission (SEC) and crypto exchange Binance recently agreed to a 60-day pause in their ongoing legal battle. This has raised speculations that the much-anticipated Ripple SEC settlement could be on the horizon, a development that will put an end to a long-running legal battle that began in 2020.
Will A Ripple SEC Settlement Happen Following Pause In Binance Case?
There is the possibility of a Ripple SEC settlement happening following the pause in the Binance lawsuit. The SEC and the top crypto exchange agreed to a 60-day pause in the legal battle, citing the creation of the crypto task force as the reason for this move.
Both parties believe that this crypto task force could impact the case’s resolution since this initiative is to help provide clarity to the crypto industry, something which the Binance case borders on. Both parties argue that the pause will help conserve resources and potentially avoid further proceedings if an early resolution is reached.
A major takeaway from this case is the fact that the Commission looks prepared to abandon its regulation by enforcement approach with the crypto industry. This makes a Ripple SEC settlement likely, especially with the Binance lawsuit likely to also lead to a settlement.
Fox journalist Eleanor Terrett stated that she expects other non-fraud cases like the one against Ripple to follow suit in a similar manner to the Binance situation.
The SEC’s crypto task force, headed by Commissioner Hester Peirce, could undoubtedly impact the Ripple case as the task force will determine whether crypto transactions are investment contracts. Depending on the task force’s recommendations, there might be no need to move forward with the SEC’s appeal against Ripple.
While giving their predictions on the crypto ETFs, Bloomberg analysts Eric Balchunas and James Seyffart asserted that the SEC and Commissioner Peirce’s task force would untangle some of the security vs. commodity implications from lawsuits.
Paul Atkins Could Also Play A Major Role
US SEC Chair nominee Paul Atkins could also play a major role in the potential Ripple SEC settlement. Former SEC lawyer Marc Fagel had previously stated that he believes a settlement could take place after Atkins takes charge as Donald Trump’s administration might try to facilitate a settlement.
As Terrett noted, it could still take a while before Atkins assumes office. The Senate would need to vote on all cabinet members first before proceeding to other administration members. Based on precedence, Atkins might not assume office until sometime in April.
The Senate didn’t confirm former SEC Chair Gary Gensler until April 2021 despite being nominated in January of that same year. Meanwhile, Gensler’s predecessor, Jay Clayton, didn’t assume office until May 2017.
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