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Highlights
- Top lawyers reveal why the US SEC is delaying the crypto cases.
- Ex-SEC lawyer explains decision-making process behind case dismissals.
- Confirmation of new US SEC Chair Paul Atkins will likely speed up the case dismissal process.
The top lawyers, including pro-XRP attorneys and ex-SEC legal experts, are stealing the top spot in the XRP news thread now. Notably, the 60-day pause in the Binance case has sparked debates about the next moves of the agency in the crypto cases. Commenting on that, the top lawyers have shared their views and clarified the key reason behind the delay in dropping or settling ongoing lawsuits like Ripple Vs SEC, Coinbase, and others.
XRP News: Lawyer Reveals Why US SEC Is Stalling Crypto Cases
A major development in the Binance lawsuit has sparked debates over the US SEC’s strategy. Notably, Binance and the SEC recently filed a joint motion to pause proceedings for 60 days. It has also made headlines in the XRP news thread, as the market is anticipating a similar update on the ongoing Ripple Vs SEC case.
Both parties have cited the formation of a crypto task force under SEC Commissioner Hester Peirce as the reason behind this move. However, this pause has led market participants to speculate on the potential reasons behind this.
Meanwhile, pro-XRP lawyer James Murphy, also known as MetaLawMan clarified this query on X. He suggested that the pause could indicate a strategic delay until Paul Atkins is confirmed as the new US SEC chair. According to MetaLawMan, Peirce and current acting SEC Chair, Mark Uyeda might be waiting for Atkins to take charge before dismissing crypto lawsuits.
Paul Atkins Joining In Focus Amid Coinbase Case Speculations
A major question now is whether the Coinbase lawsuit will see a similar pause as the February 14 deadline is approaching. However, the XRP lawyer believes it might not be necessary. He noted that if the Second Circuit Court accepts Coinbase’s request for an interlocutory appeal, the SEC may not need to make any further legal moves before Atkins steps in.
When asked about the expected timeline for Atkins’ confirmation, Murphy estimated it could take less than 60 days. He explained that agency heads typically follow Cabinet members in the Senate confirmation process, which adds to the delay.
Ex-SEC Lawyer Weighs In Amid XRP Lawsuit Discussion
These recent developments have also sparked discussions in the broader crypto market. Notably, another renowned attorney popular in the XRP community, Bill Morgan questioned why the SEC cannot move forward now if its commissioners could vote 3-1 to dismiss cases. Murphy responded that there was no real obstacle, highlighting the SEC’s recent rescinding of the Staff Accounting Bulletin 121 (SAB 121) without Atkins.
However, former SEC lawyer Marc Fagel offered a counterpoint. He explained that SAB 121 decisions do not require a formal commissioner vote while settling or dismissing enforcement actions does. He clarified that while the SEC can proceed with votes now, they may choose to wait for new leadership.
Meanwhile, when asked whether an acting SEC chair has the authority to vote, Fagel stated that no rule prevents it. The current SEC leadership can make decisions at any time. However, the choice to delay certain matters is at their discretion.
XRP Lawyer Lauds New CFTC Chair Pick
Another leadership change has caught the attention of XRP enthusiasts recently. For context, Brian Quintenz was recently picked as the new US Commodity Futures Trading Commission (CFTC) Chair. His appointment is widely seen as a positive move for the crypto industry.
Meanwhile, another renowned attorney from the XRP community, Jeremy Hogan remarked that the CFTC’s influence on the crypto space might surpass that of the SEC in the long run. He called Quintenz a “solid A” pick, signaling optimism about future crypto regulations.
However, considering all these aspects, it appears that the crypto market is closely tracking the SEC’s next move with the crypto cases. While many anticipate a further delay in the cases, the recent comments from the lawyers fuel optimism over the potential dismissal of the cases once Paul Atkins takes the chair in the coming months.
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