- Garlinghouse praises SEC’s shift away from past policies, signaling crypto industry growth.
- Coinbase escapes penalties as SEC dismisses the case, marking a possible regulatory change.
- Analysts predict the SEC may soon drop the XRP case, signaling a shift in crypto regulation.
Ripple CEO Brad Garlinghouse has responded to the SEC’s actions in closing up cases earlier. He said the agency is rushing to distance itself from the previous administration’s policies and appreciated the SEC’s new leadership for its efforts toward change. His statement could be seen as a positive sign of increasing confidence in the cryptocurrency industry.
Coinbase Case Dismissed
Brian Armstrong, the CEO of Coinbase, confirmed the news, stating that the SEC would dismiss the case against the platform. Armstrong further assured Coinbase would not be penalized or compelled to make concessions. This is a significant development for the U.S. crypto industry as it may indicate a regulation change. The majority of participants in this industry are embracing this change. Further, attorney Jeremy Hogan said,
The Coinbase Case was Dismissed WITH Prejudice – meaning it cannot be refiled later; not even a settlement agreement with some minor concessions! I guess this SEC is not waiting for Atkins to be confirmed before making big crypto moves
The crypto industry has been waiting for a friendlier SEC under new leadership. However, such expectations were dampened when the agency acted fast, and many people were left in a state of surprise. The dismissal of the Coinbase case was shocking, raising many eyebrows about how the SEC handles other crypto legal cases. It could indicate a change in the agency’s course in the future.
Related: Coinbase Lawsuit May End as SEC Requests More Time to Review
Ripple Case Could Follow
A former SEC official, John Reed Stark, also contributed to the issue, suggesting that the SEC will soon abandon its appeal against Ripple. Hogan echoed this and opined that the case would be thrown out of court in the next few weeks. If true, this would represent a new turn in the SEC’s approach to regulating crypto firms.
Nevertheless, what is important to emphasize is that Ripple’s case is not over yet. The SEC filed its opening brief last month, and the deadline for Ripple to file its cross-appeal brief will be till April 16. The case remains important for the crypto industry as the result can be long-term. Analysts closely observe how the SEC will proceed in regulating the crypto industry in the future.
The SEC’s recent actions indicate that change may be approaching. This dismissal may be the agency’s way of signaling a new approach to future cryptocurrency cases like the Coinbase case. Only time will tell whether this is the start of a new era in which the SEC will be more friendly to cryptocurrencies.
