XRP News: Lawyer Reveals When US SEC Can Start Dropping Crypto Cases

In the latest XRP news, the US SEC’s stance on crypto lawsuits is under the spotlight again, with legal experts weighing in on potential dismissals. Renowned crypto attorney James Murphy, aka MetaLawMan, has shed light on when the agency might start dropping cases. His insights, particularly on the agency’s recent pivot in the Coinbase case, have sparked discussions on what lies ahead for the Ripple Vs SEC lawsuit.

XRP News: Lawyer Highlights US SEC’s Pivot On Coinbase Case

Pro-XRP lawyer James Murphy, also known as MetaLawMan recently highlighted the SEC’s decision not to oppose Coinbase’s motion for an interlocutory appeal at the 2nd Circuit. This marks a shift from its earlier opposition under SEC Chair Gary Gensler.

Murphy stated:

“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 speculated that the agency might settle or dismiss the case before reaching that stage. This shift has sparked speculation that the agency is softening its approach toward crypto cases. Observers believe the XRP lawsuit could see similar treatment if the SEC continues its trend of case re-evaluations.

When The US SEC Can Start Dropping The Crypto Cases?

A key factor influencing these decisions is the SEC’s leadership uncertainty. With no Senate-confirmed chairman, Murphy expects a new chair to be appointed by March or April. For context, when an X user questioned when the agency could start dropping the cases and what’s stopping them from such a move, Murphy said:

“No Senate-confirmed Chairman yet. Probably March or April time frame. Paul Atkins may be one of President Trump’s least controversial nominations.”

This indicates that the SEC could start dismissing or settling the cases once a Senate-confirmed chair, possibly Paul Atkins, takes the SEC role. However, he also noted that “the Commissioners must take a vote to settle or dismiss a case. Right now there are 3 Commissioners, so Hester Peirce and Mark Uyeda have the votes to take action on cases.”

This suggests that decisions regarding crypto lawsuits could still move forward despite the absence of a permanent chair. Besides, the SEC crypto task force’s latest push towards clear regulations has further fueled market sentiments.

What’s Next For XRP Lawsuit?

The Ripple lawsuit has been a focal point in the crypto community, especially after reports surfaced that the SEC removed it from its website. Sherrie, a well-known XRP community attorney dismissed settlement rumors, clarifying that the case is now listed under the Court of Appeals website due to its new case number.

Ripple is set to submit its appeal-related brief by April 16. XRP attorney Jeremy Hogan also suggested that the SEC may drop or withdraw the case by April or May, aligning with the expected appointment timeline of a new chair.

Will The SEC Drop Ripple’s Case?

While some experts believe the SEC’s shift in the Coinbase case could hint at a similar approach for Ripple, others remain skeptical. Sherrie argued that an acting chair is unlikely to make a major decision like dropping the lawsuit.

However, when an X user asked for an “update on the Ripple Vs SEC appeal”, MetaLawMan said that it is “still chugging along.” He also highlighted that Ripple’s brief is due on April 16. Having said that, many are speculating a potential conclusion in the XRP lawsuit with the new US SEC chair in April.

Meanwhile, it’s also worth mentioning that XRP price traded at $2.44 amid these developments, down nearly 3% intraday. The Ripple-backed coin’s 24-hour bottom and peak were $2.36 and $2.57, respectively.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.